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Taco Bell is testing out two new menu items: Tostadas and Crunchwraps made with giant Cheez-Its.
They're currently only available at one location in Irvine, California. I stopped by to try them.
They were extra cheesy and salty, but I loved them — and I hope Taco Bell expands availability.
Taco Bell is currently testing out some new Cheez-It menu items at a single location in Irvine (where this global food chain is headquartered). One is the "Big Cheez-It Tostada."
The other is the "Big Cheez-It Crunchwrap Supreme."
Given Taco Bell's reputation for tasty specialty items, I decided to go try them out.
Taco Bell has a long history of crafting new menu items and partnering with well-known brands to create innovative (and sometimes cult classic) foods.
In fact, the brand recently brought back the famous Mexican Pizza in May after a public rallying for its return.
Taco Bell's Mexican Pizza.
There was even a sign on the door that said they'd already run out at the Irvine location.
Plus, the Nacho Cheese Doritos Locos Tacos have stood the test of time for a decade now.
Currently, the Cheez-It goodies are only available while supplies last — which will surely be less than the maximum of two weeks they're planned for.
The Big Cheez-It Tostada is $2.49.
It’s all the fun of a typical Taco Bell tostada, but on a massive Cheez-It.
The Cheez-It is roughly 16 times the size of a normal one — which sounds like a dream on its own, honestly.
The Big Cheez-It Crunchwrap Supreme is more expensive at $4.29.
This version of the Crunchwrap Supreme swapped out the original tostada shell for an oversized Cheez-It cracker instead.
But be forewarned: The Big Cheez-It Crunchwrap Supreme isn't actually on the menu inside.
It's only available to order via the Taco Bell website and mobile app.
When I first arrived at the Taco Bell in Irvine, I was pleasantly surprised by how modern it felt.
All orders were taken on enormous touchscreen computers.
It feels more COVID-friendly, in my opinion.
After selecting the "specialties" menu, I found the Big Cheez-It Tostada easily.
It was 10 a.m. on a Thursday, so it wasn't that busy.
I was almost afraid I was going to be waiting in line fighting for a spot amongst a big crowd eager for their Cheez-It specialty items.
There was a drive-thru too, but I wanted to go inside to get my items for the real in-person experience.
The process of ordering to get my food only took a few minutes.
I ordered the Tostada inside on the touchscreen and the Crunchwrap Supreme in the app.
I soon had my food and headed outside.
I opened the Big Cheez-It Tostada box to find exactly what you'd expect: an enormous Cheez-It cracker topped with all of the classic tostada fixings, like meat, sour cream, diced tomatoes, lettuce and cheese.
You can make customizations when you order like removing sour cream or adding certain toppings, but I wanted to taste what it was like in its original form.
And it tasted exactly what you’d expect, too — a whole lot of Cheez-It!
The 10-year-old child inside of me was singing like it was fifth-grade snack time again.
Next, I dove into the Big Cheez-It Crunchwrap Supreme.
I immediately crunched into that enormous Cheez-It cracker on the first bite.
It was an interesting combination, but I thought it went well together.
If anything, it just made something that was pretty cheesy even more cheesy.
Both items were very salty, but that's no surprise for those who have indulged in Taco Bell before.
The Big Cheez-It Crunchwrap Supreme was much larger than the Tostada — it was about 1.5 times the size of my hand!
The Tostada was about the same size as my hand, and it was definitely lighter than the Supreme.
Still, I was nervous that if I bit into the wrong part of the cracker, the Tostada would crack apart.
I'd recommend eating it over a plate just in case that happens, to avoid the tragedy of losing your entire meal.
Overall, it was not a disappointing experience to try these two new menu items.
I'd say those who like Cheese and Cheez-Its will definitely be fans of these new creations.
Not to get all cheesy, but I would personally support bringing these Cheez-It creations to a wider global audience beyond just this one location in Irvine.
If we can enjoy them (and I did!), so should you.
More: Features Taco Bell Food Fast Food
Cheez-Its
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2022-07-01T18:16:32Z
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www.businessinsider.com
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Review: I Tried Taco Bell's Viral New 'Giant Cheez-It' Menu
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https://www.businessinsider.com/review-taco-bellnew-giant-cheez-it-tostada-crunchwrap-supreme-menu-2022-7
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https://www.businessinsider.com/review-taco-bellnew-giant-cheez-it-tostada-crunchwrap-supreme-menu-2022-7
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Relativity Space's valuation cut by Fidelity by as much as 28% this year as competitor SpaceX's worth soars
Samantha Stokes and Melia Russell
Elon Musk and Tim Ellis run competitor space-exploration companies.
Britta Pedersen-Pool/Getty Images; Relativity Space; Insider
Fidelity has increased its valuation of SpaceX by 25% since December, according to recent filings.
Its valuation of smaller competitor Relativity Space, meanwhile, has dipped 28%.
Many tech startups right now are cutting costs, laying off employees, and struggling to raise.
Fidelity's valuation of up-and-coming space startup Relativity Space continues to drop.
The startup that builds 3D-printed rockets and is often viewed as a smaller competitor to behemoth SpaceX, has been devalued as much as 28% so far this year by Fidelity, an asset manager that invests in startups via mutual funds.
Fidelity marked down its holdings of Relativity's Series D shares to $16.43 a pop at the end of May, according to recent filings from the asset manager's massive Contrafund, which invested in the startup. Five months ago, Fidelity valued Relativity's Series D shares at $22.82 each.
Fidelity's valuation of Relativity's Series E shares, meanwhile, decreased 16% during the same time period — from $22.84 per share at the beginning of the year to $19.24 at the end of May.
It is uncommon for Fidelity or other asset managers to value shares of the same company differently, even if they are from different funding rounds.
Fidelity and Relativity Space did not respond to requests for comment from Insider.
Relativity was founded by former Blue Origin and SpaceX employees Tim Ellis and Jordan Noone. Since it was founded in 2015, the young aerospace engineers have raised $1.3 billion dollars in funding from heavyweight asset managers BlackRock, Coatue, General Catalyst, ICONIQ Capital and Tiger Global. Last year, the startup raised $650 million in funding led by Fidelity and was valued at $4.2 billion.
Fidelity slashed Relativity's valuation earlier this year, and it's far from the only startup to face trouble in current market conditions. The asset manager has also cut its valuation of payment-processor Stripe, food-delivery provider Instacart, and even social news-aggregator Reddit, which had been vying for an IPO.
But it's not all doom and gloom for space startups.
Fidelity's valuation of SpaceX, Relativity's much larger and more established competitor backed by Tesla founder Elon Musk, has increased 25% since the beginning of the year, according to recent filings. The asset manager valued shares at around $700 each at the end of May, up from $560 at the beginning of 2022.
More: Startups SpaceX Relativity Space
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2022-07-01T19:24:35Z
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www.businessinsider.com
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Fidelity Slashes Relativity Space's Valuation by 28% This Year
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https://www.businessinsider.com/fidelity-cut-relativity-space-valuation-increase-spacex-valuation-2022-7
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https://www.businessinsider.com/fidelity-cut-relativity-space-valuation-increase-spacex-valuation-2022-7
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Palantir will lose lucrative ICE data-mining contract that helped agency with workplace raids, documents show
An immigration detainee stands near an US Immigration and Customs Enforcement (ICE) grievance box in the high security unit at the Theo Lacy Facility in Orange, California,
Palantir has received as much as $127 million since 2013 for its work on an ICE surveillance contract.
That contract, called FALCON, will soon be replaced by another program, with Palantir not participating.
FALCON and the new program, called RAVEn, are data collection projects that help ICE organize workplace raids and arrests.
Palantir will soon lose a lucrative deal with US Immigration and Customs Enforcement that provided the agency with a surveillance system to plan and organize workplace raids.
The contract will end as soon as November, according to a government document published in June. ICE will then replace Palantir's product, known as FALCON, with a custom-built tool called RAVEn, developed by multiple contractors, according to the document. Insider previously reported that Palantir was at risk of losing this deal, which has singularly made the company as much as $127 million.
The loss of the FALCON contract also indicates a long-term risk for Palantir: It will have to prove that paying for its proprietary software is better than anything the government can get custom-made. The company has recently sought increased deals overseas, as Insider previously reported, but contracts with the US government accounted for more than half of Palantir's revenue in the first quarter of 2022, according to a recent investor presentation.
The existence of RAVEn was first documented in an Insider investigation last year. Hundreds of tech companies — including Amazon, Microsoft, Google, and IBM — were in a "frenzy" to nab a space on the project, with some contracts worth as much as $100 million, as Insider previously reported. Like other public tech companies, these tech giants often use third-party intermediaries to obfuscate their work with immigration enforcement agencies, Insider previously reported.
The main difference between FALCON and RAVEn is that while RAVEn actively imports and mines publicly available data for analysis, FALCON works with the specific datasets already in ICE's possession. RAVEn is being designed to make many different types of data searchable, including surveillance photos and videos, biometric data like fingerprints, location and financial data, social media posts, and official government documents.
Palantir was awarded $6.9 million to provide an additional six months on its FALCON contract last month, with an option allowing ICE to extend the Palantir contract by an additional six months, the document says.
Palantir did not respond to requests for comment. ICE's spokesperson did not respond to a request for comment.
ICE's Homeland Security Investigations division, which operates FALCON, decided to replace it with a custom-built tool designed as early as 2018, according to the document. In the time since Palantir won the initial contract in 2013, the company has made as much as $127 million from this contract.
RAVEn runs on Amazon Web Services, and several other tech companies have sold their products and services to ICE for the project — sometimes directly, and sometimes through third-party resellers. Companies with ongoing contracts for RAVEn include:
Alethix, LLC. (for custom DevSecOps work)
Booz Allen Hamilton, Inc. (for custom "Design, Development and Data Analytics support")
Acuity, Inc./KCI-Acuity, LLC (for custom UI/UX work)
Deloitte Consulting LLP (for "Training and Communication Support Services")
Akira Technologies, Inc (for "Mac laptop computers")
Panamerica Computers (for unspecified services as a third-party reseller)
Elastic, Co (for a subscription to its ElasticSearch tool, as sold through the reseller FCN, Inc.)
Red Hat (for a subscription to OpenShift "to provide container management of Amazon Web Services," as sold through reseller C&C)
Work on RAVEn began in 2018 with Booz Allen Hamilton, KCI-Acuity, and DirectViz Solutions fulfilling different aspects of the project. These companies' contracts ended last year and the agency opened the contract to new vendors, Insider previously reported. Booz Allen Hamilton and KCI-Acuity won new contracts in different roles, and Alethix won the contract that Booz Allen previously held in December. These contracts could be worth up to $100 million each for five years of work.
Since last year, these contractors have been working to translate some of FALCON's functionalities into RAVEn.
FALCON has been used to organize workplace raids to arrest people who aren't authorized to work in the US. According to EPIC, it has also been used to search for evidence of money laundering, weapons smuggling, and other crimes.
RAVEn, despite only being deployed in a limited capacity so far, has already been used to process hundreds of thousands of immigration documents, looking for evidence of people who aren't authorized to work in the US, as Insider has reported.
After Insider's initial investigation into RAVEn last year, the Alphabet Workers Union, representing Google workers, urged the company not to bid on any of the contracts. Senator Ron Wyden, Democrat of Oregon, expressed concern about the use of private data in RAVEn. Immigrants-rights groups including Just Futures Law and Mijente also denounced RAVEn and the tech companies' work on the tool.
Are you a current or former employee of Palantir, or another company we mentioned? Contact this reporter via email at chaskins@insider.com or caroline.haskins@protonmail.com, or through secure messaging app Signal at +1 (785) 813-1084. Check out Insider's source guide for suggestions on how to share information securely.
Disclosure: Palantir Technologies CEO Alexander Karp is a member of Axel Springer's shareholder committee. Axel Springer owns Insider Inc, Business Insider's parent company.
More: Surveillance data mining Data analytics Palantir
Immigration and Customs Enforcement (ICE)
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2022-07-01T20:53:58Z
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www.businessinsider.com
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Palantir Will Lose $127 Million ICE Contract to Custom-Built RAVEn
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https://www.businessinsider.com/palantir-ice-contract-falcon-raven-data-mining-2022-7
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https://www.businessinsider.com/palantir-ice-contract-falcon-raven-data-mining-2022-7
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2 organizational approaches that drive successful digital transformation
Created By Think With Google With Insider Studios
By Courtney Rose, May 2022
To stay competitive in today's high-paced consumer market, companies must transform to be digital-first. Even so, only 14% of businesses today are considered digital leaders.1 Why do so many lag behind? Because company heads mistakenly believe that digital transformation has to be an arduous, multiyear process that is solely reliant on technology.
Google recently partnered with Kantar to speak with Fortune 1000 company leaders and marketing professionals across industries, and we discovered that true digital transformation is less about technological tools and more about remodeling organizational structure. In our conversations, leaders from the most successful companies overwhelmingly emphasized the importance of two organizational changes. The first was establishing a team structure that fosters collaboration, and the second was investing in a flexible, experimental work environment.
2 organizational changes
Build a collaborative structure
Collective strength, rather than individual talent, is now a defining feature of successful organizational leadership. What does this mean in practice? Companies that align their C-suites and boardrooms with teams across the business and focus on shared goals are better positioned for digital transformation. And leaders who bring this type of holistic approach to their businesses can more easily guide their teams in the same direction than leaders who juggle several distinct initiatives.2 According to one CMO we spoke with, "Digital transformation happens when you integrate a traditional team and a digital team together, and you function as one high-performing team as opposed to separate silos."
Across business functions, we also found collaboration between marketing and finance leaders to be a key driver for digitally mature companies. A close relationship between the CMO and CFO is particularly valuable because it builds strategic clarity and a harmonized leadership commitment.
It's important to keep in mind, however, that having the CMO and CFO in sync may not be enough on its own; close partnerships across the C-suite are vital. For example, 74% of marketers we surveyed said that the team who made day-to-day improvements included not only the CMO but also the CEO, chief digital officer, and head of marketing operations.3 This level of cross-collaboration can help accelerate growth as C-suite leaders align on the ways digital capabilities can support stronger business decisions and enable new opportunities for development.
Invest in flexibility and experimentation
Staying ahead of the digital curve sometimes requires changing course at a moment's notice. And doing it successfully requires leaders who know when to pivot and who are open to experimenting with new strategies and solutions.
Executives we spoke to emphasized that embracing flexibility is one of the most important characteristics a team can have. Leaders who are ready and willing to adopt new strategies, test new processes, and evolve team structures can help their businesses find growth, even in periods of uncertainty.
We also heard that leaders who design their annual budgets to be flexible are better prepared to react to learnings throughout the year, rather than being locked into a business strategy based on what's been done in the past. Leaders can easily reallocate investment toward strategic initiatives that best reflect current competitive market conditions, or they can revisit their budgets to add more funding if they have met or exceeded their goals.
Lastly, our research underscored how critical it is for leaders to set the tone throughout their organizations, to encourage experimentation and ongoing learning across marketing campaigns and broader programs, including structure and operations. Doing so helps amplify the impact of short- and long-term strategies and keeps teams aligned on goals and success metrics. As one executive from the B2B sector shared, "Innovation happens when you empower people at every level of the organization to challenge the status quo, to search for a better way of doing things, to search for a new solution."
Discover how you can get your company on the route to digital readiness now.
A version of this article originally appeared on Think with Google.
This post was created by Think with Google with Insider Studios.
More: Sponsor Post Studios Enterprise Studios Consumer Brand Supplied
sp-vertical4
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2022-07-01T20:54:04Z
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www.businessinsider.com
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2 Organizational Changes Needed to Be a Digital-First Company
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https://www.businessinsider.com/sc/organizational-changes-companies-need-to-be-digital-first
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https://www.businessinsider.com/sc/organizational-changes-companies-need-to-be-digital-first
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Nicole Gaudiano and Kimberly Leonard
President Joe Biden speaks at the White House in Washington, Friday, June 24, 2022, after the Supreme Court overturned Roe v. Wade.
The Supreme Court overturned Roe v. Wade and some states have moved to ban abortion.
Democratic operatives were alarmed the White House didn't immediately present a plan for patients.
Pelosi said the House will hold votes and Biden called for a filibuster carve-out.
Democrats are furious with the White House and congressional leaders over what they consider an underwhelming response to the Supreme Court's reversal of federal protections for abortion.
While President Joe Biden urged voters to elect more Democrats supportive of abortion rights in November, operatives and grassroots activists want officials to take more action now to protect access to care.
They say planning should have started much earlier for this outcome, which has been expected since conservatives gained a 6-3 majority in the Supreme Court in October 2020. The decision became more definitive in early May when POLITICO published a leaked draft of the opinion overturning Roe v. Wade, the landmark 1973 decision that guaranteed a national right to abortion.
"There's a fundamental failure of Democratic leadership at this moment, not rising to the moment and taking bold moves that the public is clamoring for," said Adam Green, co-founder of Progressive Change Campaign Committee. "We had many weeks since the leak to prepare for this Roe decision, and the response has been tepid at best."
Democratic strategist Max Burns said congressional Democrats should have used the time to plan a full package of abortion rights protections they could roll out the day after the decision.
"I've been honestly stunned that very few of those conversations seemed to have happened, and we've not seen any major initiatives or White House policies rolled out," he told Insider. "It really does feel like this fell off focus due to inflation/economy, because this does not feel like a party with a clear abortion rights plan."
Democratic Sen. Patty Murray of Washington chairs the Health, Education, Labor, and Pensions Committee.
Congress limited by what it can do
In Congress, Democrats have been stymied by an evenly divided Senate and filibuster rules requiring 60 votes to pass major legislation. The Women's Health Protection Act, which would make abortion legal in every state and invalidate most restrictions, failed 49-51 in May.
Biden on Thursday called on the Senate to suspend its filibuster rules to codify abortion rights. But there isn't enough support among Democratic ranks to do this.
Democratic Sens. Tim Kaine of Virginia and Republican Sen. Susan Collins of Maine are working on a bipartisan bill. But one senior Democratic Senate aide told Insider that Democratic women senators and abortion rights groups say privately that they don't see the legislation going anywhere because nine Republicans would need to get onboard, "which everyone knows will never happen right now."
The Senate Health, Education, Labor and Pensions Committee will hold a hearing July 13 on the impact of the Supreme Court's decision.
Women who have had abortions and who have testified at congressional hearings want to see something come of it, said Renee Bracey Sherman, founder and executive director of We Testify, which elevates the voices of those who've had abortions.
"Not being the Party of Assholes isn't enough," Bracey Sherman said. "We need Senate Democrats to get their act together, abolish the filibuster, pass the Women's Health Protection Act, and pass the EACH Act to ensure everyone has access to abortion at any time, for any reason, anywhere." The EACH Act legislation would allow the federal government to pay for abortions, particularly for low-income people.
Since the Women's Health Protection Act failed, Senate Democrats have been ramping up pressure on Biden to do more. Senate Help Committee Chair Patty Murray of Washington and more than 20 other colleagues urged the president in a June 8 letter to issue an executive order to protect abortion rights, including increasing access to medication abortion, providing resources for those seeking abortions in other states, and using federal property and resources to increase abortion access.
After the court's decision, more than 30 senators joined Murray in another letter to Biden, urging him to take every step possible to protect abortion access. "You have the power to fight back and lead a national response to this devastating decision," they wrote.
A White House spokesperson did not immediately respond to a request for comment.
Before becoming president Biden had a spotty record on abortion rights. Earlier this week, many Democratic operatives seethed when they learned Biden would be nominating an anti-abortion lawyer to a lifetime federal judiciary appointment in Kentucky.
The White House hasn't embraced the idea of building abortion clinics on federal lands.
On Tuesday Health and Human Services Secretary Xavier Becerra proposed some other actions the administration might take, such as increasing access to medication abortions, but stressed that before presenting specific policies officials wanted to ensure they were on firm legal footing.
But many Democrats want a firmer stance.
"There is a fair amount of anger right now," a Democratic strategist who has also worked in reproductive advocacy told Insider.
"They are shooting down so many ideas without providing their own," the strategist added. "And that's where people are wondering: If you weren't going to come up with solutions, why did you run for president?"
The Progressive Change Campaign Committee welcomed Biden's comments on the filibuster carveout for abortion rights, but Green said the president isn't doing enough. He suggested Biden could bring pro-abortion-rights Republicans, Collins and Sens. Lisa Murkowski of Alaska, to Camp David or the White House and pressure them to support a filibuster carveout for abortion rights legislation.
"If he has them over to the White House…and then they rebuffed his offer publicly, well, at least he tried," Green said. "But so far, it just feels like a fundraising tactic."
The House will hold votes on abortion rights
In response to the Roe decision, House Speaker Nancy Pelosi said Monday that the chamber would re-consider the Women's Health Protection Act.
The House will also consider legislation to shield women from criminal prosecution if they travel out of state to get an abortion, and a bill that will protect health data on apps, she said.
A senior Democratic aide said the votes would help to underscore "new elements of Republicans' extreme ambitions."
There appears to be no immediate plans to have Republicans vote on bills that would be even more broadly popular and cast them as deeply out-of-step with a vast majority of the public, such as a vote to create a federal right to abortion in the first trimester — when 90% of abortions occur.
Green said it would be "political malpractice" for Democrats not to hold votes on legislation reinforcing that birth control should remain legal and codifying abortion rights in the cases of rape or incest. The Progressive Change Campaign Committee also wants Biden and Senate Majority Leader Chuck Schumer to say the filibuster should be eliminated "once and for all" if more Democrats are elected to Congress in November.
A senior House Democratic aide told Insider that votes along the lines of what Green raised hadn't been ruled out. Pelosi, in her letter to the US House, said legislation would be introduced to "codify freedoms which Americans currently enjoy" and hinted at possibilities on birth control, in-vitro fertilization, and same-sex marriage.
"The public is going to hold Republicans responsible for every news alert about a trigger law taking effect, every viral story of rape victims being denied the morning-after-pill, or women almost bleeding out during a miscarriage, every state legislator's threat to criminalize helping women travel or providing information about abortion resources," the aide said.
One senior Democratic Senate aide familiar with the caucus' talks said Democrats were exploring numerous options including ensuring women could travel to other states and pressing the Biden administration to use military bases. They want Republicans "who created this mess to own it," the person said.
But beyond the political impact is knowing the human impact the Roe decision will have, particularly on low-income people who "already don't have power in their own lives," said Connor Lounsbury, deputy campaign manager for Lucas Kunce.
Kunce, a veteran and antitrust advocate, is running for US Senate in Missouri where abortion is now illegal even in cases of rape and incest.
"People deserve something more as a response from at the very least a Democratic administration," Lounsbury said. "This is why people don't trust Washington: It's not just the other side. It's the moments you feel let down by your own team. That's what felt so devastating about the Roe decision followed by, 'It's on you now to vote.' That hurt."
More: Democrats Roe v Wade Women's Health Protection Act Dobbs v. Jackson
Texas abortion ban
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2022-07-01T22:25:29Z
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www.businessinsider.com
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Democrats Furious About White House's Response on Roe
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https://www.businessinsider.com/democrats-furious-about-white-houses-response-on-roe-2022-7
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https://www.businessinsider.com/democrats-furious-about-white-houses-response-on-roe-2022-7
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Twitter, Elon Musk dodge lawsuit from pension fund looking to delay acquisition
A pension fund sued Twitter's board, Elon Musk, and Morgan Stanley over Musk's planned acquisition.
It accused Twitter's board of breaching its fiduciary duty in accepting Musk's offer.
The case was dismissed on Friday. If it were allowed to proceed, it could have forced a multi-year delay of the acquisition.
A lawsuit from a Twitter shareholder attempting to stop Elon Musk's acquisition of the company was dismissed on Friday, removing another hurdle for the Tesla CEO to officially acquire Twitter for $44 billion.
The shareholder, the Orlando Police Pension Fund, in May sued to stop the deal, accusing Twitter, its entire board of directors, Musk, and Morgan Stanley, which is advising Musk on the deal, of having come to an "agreement, arrangement or understanding" on Musk's buyout of the company before it became public. It also accused the board of "breaching its fiduciary duty" in accepting Musk's bid, according to court documents.
A judge in Delaware's Chancery Court, which frequently handles lawsuits and disputes involving businesses, dismissed the lawsuit. Representatives of Twitter, Musk, and Morgan Stanley could not be immediately reached for comment.
Musk had quietly acquired a 10% stake in Twitter before disclosing it in April and then deciding to buy the platform and take it private. Any arrangement between the parties sued by the fund, all also shareholders in Twitter, would make Musk an "interested party" under Delaware law, the fund alleged, meaning any deal would have to be delayed by three years, forbidding the billionaire to acquire Twitter before 2025.
After a few weeks of discovery and depositions, including one three-hour interview with Musk in June that was not publicly filed, the fund agreed to have the case dismissed with prejudice. "With prejudice" means the pension fund can never again sue Twitter on the same claims.
Doing away with the lawsuit also does away with one more hurdle in Musk's acquisition of Twitter, set to come to a close in October. The deal so far has been tumultuous. Musk has openly criticized Twitter's operations and leadership, accused it of withholding information and told employees in his first meeting with them that layoffs are likely when he takes over.
Most recently, Musk has been demanding Twitter hand over an immense amount of data on users, so that a team he has assembled can analyze it for "bots" or spam accounts on the platform. Unhappy with the first trove of data Twitter handed over, Musk demanded more, which he has received, as Insider first reported.
His obsession with bots is seen internally at Twitter as intended to force a renegotiation of his $54.20 per share offer for the platform, a $44 billion deal. Musk has pulled together the financing for the acquisition, but given the market downturn this year, Twitter's stock has dropped about 26% since Musk signed the deal to purchase the company.
"If we achieve that, or come even close to that with Twitter," Musk said during the meeting with employees, "that would be a success."
More: Elon Musk Twitter Acquisition Lawsuits
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2022-07-01T23:56:11Z
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www.businessinsider.com
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Lawsuit Against Twitter, Elon Musk Over Acquisition Dismissed
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https://www.businessinsider.com/twitter-elon-musk-orlando-florida-pension-fund-lawsuit-dismissed-2022-7
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https://www.businessinsider.com/twitter-elon-musk-orlando-florida-pension-fund-lawsuit-dismissed-2022-7
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'A lot of people are just not understanding what's going on': A 30-year market vet lays out 7 reasons why a recession is imminent — and says stocks will end the sell-off down 60%
New York Stock Exchange Trader
The S&P 500 ended the first six months of the year down 21%.
Jon Wolfenbarger, the founder of Bullandbearprofits.com, says they have much further to fall.
He warns that a recession will push the market down around 60% from January's high.
The hottest debate on Wall Street right now is whether or not the US economy will enter a recession in the months ahead.
Consumer spending — the driving force behind about two-thirds of the economy — is starting to slow down as the highest inflation rate in four decades hits budgets and the Federal Reserve hikes interest rates to cool demand.
Whether or not either factor hits the economy hard enough to drag GDP into the negative for two consecutive quarters remains to be seen. But as financial conditions tighten, the odds of a recession coming to fruition grow.
For Jon Wolfenbarger, the founder of Bullandearprofits.com and a former Allianz Global Investors securities analyst, the writing is already on the wall that a recession is coming. In a recent commentary, he laid out several reasons he sees the expansion ending.
The first is that real personal income has dipped negative year-over-year, which has historically only happened during recessions. Recessions are highlighted in the gray areas below.
Second, yields on the 10-year and 2-year Treasury notes inverted in April. Yields on 10-year Treasury notes are usually higher than those on shorter duration bonds. When yields on notes like the 2-year surpass the 10-year, it signals low confidence in the economy in the near-term. Yield curve inversions like this have preceded every recession since the 1950s.
The curve remains flat, Wolfenbarger pointed out, and could invert again soon.
Third, the spread between junk corporate bonds — or bonds issued by firms at the highest risk of defaulting on their debt — and Treasury bonds, which are viewed as risk-free, continues to rise, even as Treasury bond yields surge. This means investors are starting to sell riskier bonds at a higher pace as they become concerned with tightening financial conditions.
Copper prices, a leading recession indicator, have also fallen substantially in recent months, Wolfenbarger highlighted.
And then there's sentiment. Consumer sentiment, according to the University of Michigan's poll, is at its lowest level since it started in the early 1980s. CEO confidence, according to the Conference Board's survey, is also at its lowest level since the start of the pandemic.
Finally, the Fed's Brave-Butters-Kelley index's leading recession indicator (shown in red), has fallen below the -1 level (the index combines 500 economic indicators). This is associated with heightened recession probability in the following 10 months, according to the Fed. Wolfenbarger said this has correctly predicted recessions 86% of the time.
Federal Reserve Bank of Chicago
All of this amounts to more trouble ahead for stocks, Wolfenbarger said. He said he expects the S&P 500 to fall around 60%, or more, from its January peak. It's already down 21%.
One reason he's calling for such a steep drop is because valuations remain extended above historical norms by many measures. He also said many investors haven't sold positions yet because they've repeatedly believed a bottom could be in. But with his call for a recession ahead, the outlook for stocks is likely to get worse, and this will lead to more selling, he said.
"A lot of people are just not understanding what's going on," Wolfenbarger told Insider on Friday. "I think there's a lot more downside to go. Once people start to realize that we are in a recession, it could be a really ugly recession."
Wolfenbarger said the sell-off will go into next year before bottoming out.
Wolfenbarger's call for a recession ahead is becoming more common as inflation remains above 8% and the Fed tightens aggressively (they raised interest rates by 75 basis points in June, the largest amount since 1994).
The Fed itself has begun to acknowledge the growing risk. Fed Chair Jerome Powell said in June that it would be "very challenging" to achieve a soft landing — or raise rates and not trigger a downturn — and a June Fed paper found a 50% chance of a recession in the next year.
Goldman Sachs also recently raised their recession probability over the next 12 months to 30%. Morgan Stanley says that chance is 35%. Citi sees a 40% chance a recession unfolds before 2023.
Still, while risks are rising, many banks don't see a recession as their base case.
As far as Wolfenbarger's bold call for a 60% drop, he finds company in names like Michael Burry (the hedge fund manager featured in the film "The Big Short"), Jeremy Grantham, Ray Dalio, and others.
The most bearish Wall Street strategists, meanwhile, remain a little less bearish than Wolfenbarger. Many in recent weeks — like Bank of America's Savita Subramanian, Morgan Stanley's Mike Wilson, and Societe Generale's Solomon Tadesse — have said the S&P 500 would find a bottom around the 3,000-3,100 range. The index currently sits at 3,820.
There is also a chorus of more bullish strategists, who think a bottom could be in soon as the Fed may be able to back off if inflation cools.
"While the S&P 500 has likely entered a 'secular bear market ,' the process is not linear — and we see a relief rally led by Cyclical Growth (mostly Technology) to 4,150 for the S&P 500 (+10%) in summer 2022 as oil prices fall and the market looks ahead to a possible Fed rate pause at their December 2022 meeting," said Stifel's Barry Bannister in a June 24 note to clients.
Interest rates have already risen substantially, and demand is starting to fall. If inflation begins to come down, the Fed may be able to back off, and stocks could begin to rally. But things could also get a lot worse as the economy continues to digest tightening policy. If they do, as Wolfenbarger is warning, stocks could have a lot further to fall.
More: Investing Stock Market Crash Stock market bear
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2022-07-02T09:06:19Z
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Stock Market Crash: Expert Warns Sell-Off Will Be 60% With Recession
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https://www.businessinsider.com/stock-market-crash-expert-warns-recession-coming-60-percent-drop-2022-7
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https://www.businessinsider.com/stock-market-crash-expert-warns-recession-coming-60-percent-drop-2022-7
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Despite losing more money than any person in history, the 44-year-old CEO of Binance is as bullish as ever on crypto. He lays out the 3 reasons why he's confident crypto can make a comeback.
CZ Binance is taking advantage of this bear market to invest heavily in crypto.
Chengpang Zhao, the 44-year-old founder of Binance, is reportedly the richest person in crypto.
Zhao spoke with Insider and shared why he's still optimistic despite the recent crypto winter.
Zhao explains why Binance is investing heavily in the crypto industry.
Chengpang Zhao, also known as CZ Binance, has lost more money than any other human in history thanks to the recent crypto market crash.
But Zhao — the 44-year-old former McDonald's employee turned multi-billionaire founder of Binance — is more optimistic than ever about the future of crypto.
In an email exchange with Insider, Zhao shared his thoughts on the bear market and provided three reasons he's optimistic about the space.
The crypto bear market
Despite the punishment the crypto market crash has dealt to Zhao's personal finances, he remains positive about the future of the industry.
"I recognize that the current market situation can be unsettling and scary for many people, especially those that are new to crypto," Zhao told Insider via email. "But, if we take a longer view, bitcoin was $2,000 when Binance first started. Today, it is still $20,000. That is still 10X better than a few years ago. Markets go through cycles. This is not the first one, and it will also not be the last one."
Right now, the wind seems to have been taken out of the sails of crypto markets. Bitcoin has fallen more than 70% from its all-time high, refuting the idea that it would be an inflation hedge. Terra Luna's crash has sent ripples throughout the broader crypto ecosystem, causing prominent funds like Three Arrows Capital to shut down and spreading fear of even further declines lie ahead.
But Zhao isn't fazed — in fact, he thinks this is exactly when the best companies survive and thrive.
"Market booms and busts are not uncommon," Zhao said. "They are part and parcel of financial market cycles. The market downturn will weed out excesses and the reset in valuations back to more sustainable levels can be seen as positives. Firms that have a healthy balance sheet will be able to withstand the market downturn better as they continue to improve their products, build their business, and emerge out of this stronger."
Binance has big plans
Zhao is confident that Binance is one of those companies that can emerge from the crypto winter stronger than ever before.
Binance is the world's largest cryptocurrency exchange, and it has taken this opportunity to boost its hiring. In fact, when many other crypto companies — like rival exchanges Coinbase and Crypto.com — are contracting, Binance plans to hire over 2,000 new employees.
"We see this moment in time as an opportunity to attract and bring on some of the industry's best talent. The cooler markets allow value-conscious teams, such as Binance, to focus on building the industry. We are also able to invest in or acquire great projects at a more favorable price point," Zhao said.
It's not just people that Binance is investing in — the company is also planning to capitalize on its strong finances and the lower price tags of potential acquisitions.
"During the bull market , Binance has been deliberately conservative with our spendings," Zhao wrote. "We have been preparing for these bear markets. The valuations were crazy high. Now, it is the perfect time for us to be more aggressive. We will be doing a lot more investments and M&As."
Binance is no stranger to making deals with other crypto brands, and it has a history of acquiring prominent companies in the space like CoinMarketCap in 2020 and Trustwallet in 2021.
"We are looking to invest in strong projects and companies, both within and beyond the crypto space," Zhao wrote. "The deals and opportunities that we invest in are all aligned with our long-term values. We are not looking to invest in specific sectors, but rather we are searching broadly for projects and companies that could help facilitate mass crypto adoption globally."
Zhao also stressed that he's looking to invest in companies that create real utility for customers.
"Personally, I love to see innovative projects that focus on bringing utility to the users. These are the projects that I believe could do very well in the long-run. By putting the users' best interests at the heart of the products, these projects help to push crypto to the masses," Zhao said.
3 reasons for optimism
While crypto may have lost its 2021 luster, some argue that this is a great opportunity for those who felt priced out during bitcoin's bull run of 2021 to invest in the market.
"Market capitalization and token prices alone do not show the full picture of the health of the overall ecosystem. Yes, activity has slowed down as a result but we also continue to see positive indicators," Zhao said.
Here are the three reasons why Zhao is still optimistic about the crypto market.
A healthy amounts of funds are being raised
Zhao noted that cryptocurrency and venture capital funds are still raising billions of dollars this year, despite the crypto market crash.
In May, Andreeson Horowitz raised over $4.5 billion for its newest crypto fund, while other, smaller funds have continued to raise money as well — like Volt Capital, which raised $50 million for a Web3 fund in less than three weeks. The NFT marketplace MagicEden closed its Series B fundraising round in June of 2022.
But while crypto companies and funds are still raising money, some funds, like 3 Arrows Capital, are shutting down after over-leveraging themselves.
Strong institutional interest
Zhao's also encouraged by how interested big financial firms have become in the crypto industry.
In July 2021, Wells Fargo developed strategies for high net worth individuals to invest in crypto, while in April of this year Fidelity Investments gave its customers the option to invest in bitcoin in their 401(k) plans. Hedge fund managers like Anthony Scaramucci and Bill Miller have invested and publicly advocated for crypto as well.
Moreover, Shark Tank investor Kevin O'Leary recently said that upcoming regulation will bring $1 trillion into the crypto market from sovereign wealth funds and pension plans.
It is worth noting, however, that many institutions — like Prudential's $1.4 trillion asset management firm PGIM — have looked into crypto, and decided to pass.
Increased utility of the ecosystem
Finally, Zhao said that with more use cases crypto will eventually become more stable.
" Volatility is a function of the market size," Zhao wrote. "Assets with smaller market capitalizations tend to be more volatile. When an asset has utility value (i.e., a lot of people use it as a tool), volatility will become less of a concern. That is the direction that digital assets — including cryptocurrencies, NFTs, etc. — should aim towards."
Two of the most prominent use cases for cryptocurrency include non-fungible tokens, or NFTs, and decentralized finance, or DeFi.
Despite the market's contraction this year, blue chip NFTs have held their value. Meanwhile, major traditional finance players like Goldman Sachs have created DeFi-focused products.
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2022-07-02T10:34:13Z
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CZ Binance: the Richest Man in Crypto Sees Opportunity in Bear Market
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https://www.businessinsider.com/crypto-investing-bitcoin-ethereum-cryptocurrency-bear-market-binance-blockfi-ftx-2022-7
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https://www.businessinsider.com/crypto-investing-bitcoin-ethereum-cryptocurrency-bear-market-binance-blockfi-ftx-2022-7
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I flew on Breeze's Embraer 190 aircraft from Charleston to Hartford and the product proved that low-cost does not mean sacrificing comfort
Taylor Rains/Insider, Thomas Pallini/Insider
Low-cost carrier Breeze Airways flew its first flight in May 2021 using an Embraer 195 aircraft.
The airline has updated the interiors of its fleet since that inaugural flight with new seats and amenities.
I flew on one of Breeze's Embraer 190 jets from Charleston to Hartford and see how low-cost does not have to mean poor comfort.
Breeze Airways is one of the US's newest low-cost carriers.
The airline was founded by airline entrepreneur David Neeleman, who also founded JetBlue Airways; Brazil-based Azul; Canadian budget carrier WestJet; and Morris, which merged with Southwest Airlines.
Neeleman's vision for Breeze is to offer low fares and connect medium-sized markets that do not currently have nonstop service.
Breeze counter in Hartford on its first day of operations.
"We can get you there twice as fast for half the price," the CEO likes to say.
The inaugural flight of David Neeleman's Breeze Airways.
The carrier launched its maiden flight on May 27, 2021, ferrying passengers from Tampa to Charleston using an all-economy Embraer 195 aircraft. The company also flies Embraer 190s.
Breeze CEO David Neeleman with an Embraer jet during the inaugural flight in May 2021.
I flew on JetBlue founder's David Neeleman's new airline and saw how it's nothing like his old one — but it isn't supposed to be
Insider was on the inaugural flight and experienced the fleet's original product, which featured large plush seats but not much else.
I flew on Breeze, the 'tech company that happens to fly airplanes' from JetBlue founder David Neeleman, and found it surprisingly low-tech
Since then, the carrier has improved its fleet by retrofitting its Embraer jets with new interiors and even adding a new plane type — the Airbus A220, which it flies on transcontinental routes.
Breeze's A220 after flying from Richmond to San Francisco.
After being on the company's first-ever flight and being slightly underwhelmed at the product, I was eager to see if the new cabin was any better. So, I booked a ticket from Charleston to Hartford to see the changes — here's what it was like.
My flight to Connecticut started at 7:30 a.m. at Charleston International Airport. Because I was flying home from Las Vegas via Charleston, I did not have to visit the ticket counter or clear security.
After deplaning my inbound flight, which was on the carrier's swanky new Airbus A220, I had about three hours to kill and decided to spend it at the Priority Pass lounge. I enjoyed several cups of coffee and a free breakfast before making my way to the gate.
I flew on Breeze's brand new Airbus A220 from Richmond to San Francisco in first class and it completely exceeded my expectations
At the gate, I learned the flight was delayed about an hour, which was starting to become a theme with Breeze. My previous flight was also delayed but by about 10 hours.
Breeze gate in Las Vegas where I was delayed.
I flew on Breeze's new A220 jet from Las Vegas to Charleston in economy and it was nothing like flying on a typical low-cost carrier
Despite the frustration, I knew that summer travel is going to be hectic for all airlines this year, but I hope Breeze does more to keep its flights running on schedule. My delays were due to maintenance and staffing, which are in the carrier's control.
The inbound flight to Las Vegas was delayed due to staffing, then had another delay in Vegas due to maintenance.
After the one-hour delay, we started boarding zone by zone. I was in Zone 1, so I was one of the first people on the plane.
The first thing I noticed when I boarded was the 2x2 configuration, meaning no one would be stuck in the dreaded middle seat.
I made my way to seat 9F, which was a window seat in the "Nicer" section. Nicer seats are Breeze's extra-legroom offering, boasting 32+ inches of pitch.
I could easily fit in the seat with plenty of room to spare. I'm only 5'3" and on the smaller side, so I fit in most airline seats, but even taller and larger passengers should still be comfortable.
Breeze also offers "Nice" seats that are standard economy rows with 30 inches of pitch. This is more than competing airlines like Spirit and Frontier, which only offer 28-29 inches.
Breeze "Nice" seats.
I flew in the regular economy seat on the way to Charleston and found it perfectly roomy as well, but suggest taller passengers upgrade to an extra-legroom seat if possible.
Breeze's A220 planes also offer first class, which is a large lounger that has a leg rest and deep recline, but the seat isn't available on its Embraer aircraft.
While I did have a Nicer seat, I only purchased a Nice fare, which includes a personal item, but no free snack, assigned seat, or carry-on.
Breeze fares.
However, Breeze allows customers to pay extra for amenities they want, so I upgraded the seat. The fee to book an assigned seat on the Embraer jet ranges from $10-$30 depending on the route and section
Embraer's seat sections were completely different from the original product. Not only were they slimmer, but also they were color-coded — red for Nicer and yellow for Nice.
I missed the old plush seats from the inaugural, but was very impressed with the improved amenities, like a large tray table…
…good recline…
…big seatback pockets…
…and a place to prop a smartphone or tablet on the seatback. This is perfect for streaming entertainment, and I appreciate being able to look forward at a screen rather than down at a laptop.
While customers can come prepared with their own pre-downloaded content, Breeze's Embraer jets have a free onboard portal available for travelers to stream TV shows, like "Bob's Burgers" or "Modern Family."
After takeoff, the flight attendants started the inflight service. Having a Nice fare meant I did not get any complimentary snacks or drinks, but I brought my own water for the 90-minute flight.
Nicer fares do come with a complimentary snack and drink. There are also options available to buy onboard, like Pringles and alcohol.
Halfway through the flight, I made my way to the lavatory, which was a good size for the plane. It actually felt bigger than the one on United's Boeing 737 MAX 8 jet.
The bathroom was clean and had a changing table for families.
I spent the rest of the journey enjoying the inflight entertainment before landing in Hartford around 1 p.m., which was about 45 minutes later than scheduled.
Despite the delay, I really enjoyed Breeze's Embraer product. The recline and inflight entertainment alone make the cabin easily outshine competitors'.
Breeze's inflight portal.
Neither Spirit nor Allegiant offer reclining seats, much less free streaming. Customers will only get a small tray table and seatback pocket. Frontier has a few rows of reclining seats for an extra fee.
Spirit Airlines economy seat.
Breeze, however, did not have WiFi available onboard, which is something Spirit has added to its planes, to its credit. Granted, it took years to finally install.
Spirit's plans include browsing for $3.99 and streaming for $6.99.
While Breeze's Embraers will likely never get WiFi installed, the A220s should be equipped in the future, which is perfect for business travelers on the go.
Breeze Airways' inaugural A220 taking off from Richmond.
More: Features Business Visual Features Breeze Airways Breeze
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2022-07-02T10:34:19Z
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Flew on Breeze's Embraer 190 Aircraft and Loved the Experience: Review
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https://www.businessinsider.com/flew-on-breeze-embraer-190-aircraft-and-loved-experience-review-2022-7
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https://www.businessinsider.com/flew-on-breeze-embraer-190-aircraft-and-loved-experience-review-2022-7
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Investors can make the second half of 2022 better than the first by upping their exposure to these 6 assets, according to $1.2 trillion asset manager Nuveen
Saira Malik is the chief investment officer for Nuveen Asset Management.
Nuveen Asset Management
Nuveen's chief investment officer prefers credit to stocks in the second half of 2022.
Saira Malik says big challenges like inflation haven't ended, but there are signs they'll ease.
The first half of the year was the worst for stocks since 1970, while bonds also fell sharply.
Almost everyone in markets was eager to see the end of the first half of 2022, which has been one of the worst six months for stocks in generations, a mess for bonds, and a nightmare for crypto and riskier assets.
But they also know there's nothing magical about moving from the first half of the year to the second.
"Most of the first half's significant headwinds are still in place: high levels of inflation, slowing growth, rising rates, Fed policy uncertainty and fallout from Russia's war on Ukraine," wrote Nuveen Investment Chief Saira Malik in a recent note.
But, Malik says, over the second half of the year inflation could slow down, US consumers could keep spending, and the Fed could complete its initial round of interest rate hikes and take a gentler approach to monetary policy. All of those factors would support the economy and markets.
With that in mind, Malik's firm said that credit is a better pick than stocks over the next six months, arguing that even at cheaper valuations stock prices might not fully reflect the risk of cuts to earnings estimates.
"We prefer to access risk-on exposure through public fixed income credit sectors, which we think offer more compelling near-term return prospects per unit of potential downside risk," she wrote.
Malik says Nuveen is especially bullish on high yield bonds, saying that at current levels of returns it's a sensible investment even if a recession comes.
Members of the firm's global investment committee think "corporate high yield looks particularly attractive, with nominal yields north of 7% even on BB rated bonds," she wrote.
But their highest-conviction call is on municipal bonds, which Malik says are fundamentally strong and were oversold in the first half of the year.
"Tax revenues have continued to tick up and the ratio of rating upgrades to downgrades has increased," she wrote. "The asset class has been unjustifiably punished this year by outflows, creating opportunities for long-term oriented, tax-exempt investors."
How to play it: Investors can add portfolios of municipal bonds through exchange-trade funds like the iShares National Muni Bond ETF and JPMorgan Municipal Bond ETF.
Malik added that US inflation probably won't peak for a few more months, and it will stay high after that. She says real assets like farmland and commercial real estate are both good ways to hedge against inflation or profit from it, but the best way to play it right now is investing in infrastructure.
"It offers defensive equity properties that should benefit in a continued high- volatility environment," she wrote. "In addition, it has historically proven resilient during inflationary periods given its cash flow-heavy, regulated nature."
How to play it: Infrastructure has become an increasingly popular area for ETFs as well, with entrants including the AGFIQ Global Infrastructure ETF and ProShares DJ Brookfield Global Infrastructure ETF.
Malik also suggested adjusting to the sell-off by looking for bargains in "beaten-down public markets" and prioritizing them over private markets. She added that investors who shortened the duration in their portfolios should start returning to a more normal position.
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2022-07-02T10:34:31Z
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Stocks and Bonds to Buy in the Second Half of 2022: Nuveen
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https://www.businessinsider.com/investing-bear-market-stocks-bonds-to-buy-strategy-advice-nuveen-2022-7
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https://www.businessinsider.com/investing-bear-market-stocks-bonds-to-buy-strategy-advice-nuveen-2022-7
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Daily Harvest was strategic in its courting of influencers and brand ambassadors.
The meal-delivery company Daily Harvest recalled a product after reports of illness.
Daily Harvest courted influencers to build its brand, but some said the company botched the recall.
The response offers lessons in how to respond to a crisis, an expert said.
Live by social, die by social.
That's the hard lesson that the meal-kit service Daily Harvest seems to be learning one Instagram post at a time.
The vegan-food company, which gained popularity with the help of influencers, has been dragged across social media after hundreds of people reported becoming ill after consuming its lentil and leek crumbles. Some on social media complained of stomach and liver issues, and some said they required hospitalization. One woman said she needed to have her gallbladder removed.
The company said it had received about 470 reports of illness.
The uproar led Daily Harvest to voluntarily recall its French-lentil and leek crumbles. Some consumers have critiqued the company's handling of the crisis. The response from Daily Harvest offers lessons in how businesses should — shouldn't — respond when a crisis emerges.
"While investigations continue, the company's initial response to potentially causing major medical issues was to issue a refund. Many victims are now looking into legal action," Mike Mandell, a lawyer with a large social-media following, said in a YouTube post.
Some social-media users said Daily Harvest unfairly left the responsibility of getting out the word to the influencer community. Asked to comment, a spokesperson for Daily Harvest directed Insider to the statements on the company website from Rachel Drori, the company's founder and CEO.
Insider spoke with Lindsay Boyajian Hagan, a vice president at the marketing company Conductor who shared three lessons CEOs could learn from the Daily Harvest episode. She said that when they're faced with a crisis, brands should take accountability, make meaningful repairs, and be mindful of the pitfalls of relying on influencers to market a product.
The first step in handling a crisis is owning it.
"Customers don't expect companies to be perfect," Hagan said. But they do expect accountability, she added, and the level of accountability should match the extent of any harm done.
After several Instagram, Reddit, and Twitter users reported nausea and vomiting, the company published a statement advising customers to throw out the dish. Daily Harvest also said it emailed customers who received its lentil and leek crumbles.
Daily Harvest posted a link to the recall notice on its Instagram account with the caption, "An important message regarding our French Lentil + Leek Crumbles. Link in bio with details." That post drew backlash.
"Why not include the important message in the caption? Is your social media aesthetic more important than consumers' health?" one person commented.
Daily Harvest has since removed the post and replaced it with an update: "We are taking this very seriously and doing everything we can to get to the bottom of this. Your health and well-being are our top priority."
When it comes to accountability, Hagan said, consistency is key.
"Being consistently transparent with customers starts from the inside. It has to be embedded in the core values of your company — and it starts with being transparent with your employees. When transparency is part of your DNA internally, it creates a foundation to translate that same openness to customers," she said.
Effective crisis management starts with building an internal culture of accountability, Hagan added.
Make meaningful repairs
In the lifetime of a brand, some rain is likely to fall. But how a company responds to a crisis can help determine whether it does lasting damage. Businesses can minimize the downpours by righting wrongs and taking meaningful actions to prevent issues from recurring.
Chipotle Mexican Grill is a case study in how companies can rebound from a crisis with deliberate action. From 2015 through 2018, more than 1,100 people were sickened, according to the Justice Department, by foodborne-illness outbreaks across several locations of the fast-casual dining chain. As a result, Chipotle paid $25 million to resolve criminal charges concerning the incidents.
The company then launched an enhanced food-safety program that included DNA testing of ingredients, changes to food prep and handling practices, and offering paid sick leave to disincentivize employees who were ill from working. By taking these steps, the company won back disillusioned customers.
Chipotle's recovery indicates that Daily Harvest might have an opportunity to repair relations with disaffected customers.
Hagan said the formula for corrective action was simple: "Owning your mistake, being honest, and giving your customers or employees a forum to communicate with you is always the best route."
She added: "If companies can demonstrate that they hear the feedback and are using the criticism as an opportunity to improve and grow, they can get back on track and prove themselves to customers."
Daily Harvest's recent actions seem to indicate a shift in its communications strategy. Following the early criticism on social, the company is posting updates and full statements from its founder and CEO directly on Instagram.
In a recent statement on the company's website, Drori wrote, "I recognize this is so frustrating. I am incredibly frustrated. In the absence of a definitive answer at this time, I would like to keep you updated on our process."
Consider the pluses and minuses of social-media branding
Social media is, of course, one of the most powerful vehicles for cultivating a customer base.
"In many cases, an endorsement from a trusted influencer is almost on par with a word-of-mouth recommendation from a family member or friend," Hagan said.
Daily Harvest courted influencers and brand ambassadors to help build its name.
"Instagram has absolutely helped us build our brand," Drori told Insider in 2017. "Both our packaging and products are visually vibrant and lend themselves perfectly to Instagram."
After it amassed significant sales through its robust online following, investors came knocking. With the help of high-profile backers, including the actor Haylie Duff, Gwyneth Paltrow, and Serena Williams, Daily Harvest reached unicorn status in 2021 with a valuation of $1.1 billion.
Leveraging the power of social-media-savvy influencers can be a blessing and a curse. Lately, Daily Harvest has gone viral for the wrong reasons. According to Conductor data, search demand for "daily harvest lentils" spiked 4,400% in June, and searches for "daily harvest recall" jumped more than 850%.
"Partnering with social-media influencers is a great strategy to get customers and prospects to learn more about your brand from a trusted voice," Hagan said. "But these partnerships are not without risk."
The lesson for other brands is to weigh the risks and rewards of relying largely on social-media influencers for burnishing a brand image.
"When collaborating with an influencer, your brand message is in someone else's hands," Hagan said. "So not only are you trusting them to drive your message authentically, but you are taking a huge risk that an influencer aligned with your brand could act in a way that goes against your company values — compromising your brand equity."
More: Daily Harvest Influencer Recalls Product Recall
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2022-07-02T10:34:49Z
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Some Social-Media Users Say Daily Harvest Mishandled Its Recall
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https://www.businessinsider.com/social-media-users-daily-harvest-lentil-leek-recall-2022-6
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https://www.businessinsider.com/social-media-users-daily-harvest-lentil-leek-recall-2022-6
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Meet the Web 3.0 firms dropping corporate culture managers for 'directors of vibes' — and why maintaining the 'vibes' is more important than ever in this bear market environment
Fractional's director of vibes Deeze speaking at Veecon
Chiefs of 'vibes' are popping up across a number of NFT and Web 3.0 projects.
They share with Insider how they nabbed the role and what it takes to manage the vibes.
And explain how cultivating community vibes is becoming essential in steering projects.
Dig into the depths of crypto Twitter, or more specifically NFT twitter, and a trend is emerging.
More and more projects are hiring directors and chiefs of vibes.
It's a new take on the classic roles that focus on corporate culture and customer experience.
Director of vibes merges the two, while upping the ante for a perpetually online Web 3.0 audience.
One of the first Web 3.0 startups to adopt this role is decentralized NFT protocol Fractional. Since then more projects have followed their lead, sometimes putting their own spin on the title.
"It has been crazy to see just people realizing that maybe there is a need for a role even though the title is silly at first glance," said Deeze, who is Fractional's director of vibes.
Deeze, who declined to share his real name as he manages vibes pseudo-anonymously, previously operated in the NFT space as both a collector and trader before joining Fractional.
"My whole brand on Twitter at the time, and still is, was just being like this honest and authentic crypto NFT degenerate who learns in public and shares wins and losses and tries to give honest advice to the community," Deeze said.
He became inspired by what the Fractional team were developing and reached out to understand how he could use his skills to help improve the protocol for both the team and users.
"Really it was a role [where] we made up the title and the position for Deeze as opposed to the other way around," said Andy Chorlian, the co-founder and CEO of Fractional.
Before joining Fractional, Deeze had around 10,000 followers on Twitter. Now over 231,000 followers engage with his daily content.
"I think the real big step from Web 2.0 to Web 3.0 around company culture and what it means to have a thoughtful company culture is that Web 3.0 is so perpetually online and it's so tightly coupled with its users … that company culture internally, just isn't enough," Chorlian said.
Managing vibes
"Some major news could come out while we're talking right now at 9am and the whole day is different," Deeze said. "Now it's like we're on a Twitter space for four hours talking about news."
Asher Hoffman, also known as ashh_eth, chief of vibes for DeeKay and Random Character Collective projects
Asher Hoffman
Hoffman's approach to managing the vibes on Discord runs the gambit from hosting events like mindfulness meditation for typically 50 to 100 people in the mornings to dealing with community members' questions and playing a role in the decisions for project minting and allow lists.
For Michael Jerome, who manages the vibes for the Tally Labs project and is known as ThreadGuy.eth, it allows him to wear a ton of different hats from marketing to content creation.
"I'm a voice on Twitter that's there all day every day, I tweet a disgusting amount of times," said Jerome, who has around 68,000 Twitter followers.
Can you really get paid to do that?
Jerome, who is 20 years old, joined the Tally Labs team in April. It's a full-time W2 position with a number of benefits including 401K matching, health insurance and unlimited vacation.
It's also a similar story for Hoffman and Deeze. For the DeeKay project, however, Hoffman is paid a set amount of ether a month.
"One of the reasons why I dropped out of college is because I feel secure and although I don't get health insurance, I feel as if this is the most legit, well paying job that I've ever had in my life," said Hoffman who dropped out of college where he was studying political science to enter the space.
ThreadGuy.eth, director of vibes for Tally Labs, which is known for the development of Jenkins the Valet
Tally Labs
Tally Labs' Jerome describes the role as having "the coolest job title in Web 3.0" and while it might sound like an easy gig, it's not for the faint of heart.
Deeze previously worked in IT and spent four years acquiring the skills and knowledge to work in a Web 3.0 role.
"It just happened in this natural way where the Fractional position came up, I felt like it was a really good time in my life to step away from my old job," Deeze said. "I had a comfortable portfolio with a little bit of a nest stake and I was finally ready to take the leap."
Jerome dropped out of college in September 2021 and spent months cultivating a following before catching the attention of the Tally Labs team for his ability to grasp the voice of the community.
Steering through a bear market
This skill set of capturing the right tone is incredibly important in this market environment.
In the past few weeks the floor prices of many leading projects have almost been cut in half while the broader crypto ecosystem enters a bear market with bitcoin falling 60% and ether dropping 71% year-to-date.
"One of the reasons I was excited to hire Deeze was because I knew he had been through multiple bear markets - I would hire Deeze today in this market if he didn't already work at Fractional," Chorlian said.
As the bear market continues, a number of crypto companies are struggling with many cutting staff.
"I definitely try to be conscious of that in my message delivery," Jerome said. "But at the same time working at Jenkins the Valet is so awesome for a bear market because we're full steam ahead building."
Chorlian expects the projects that double down on community in this bear market will be in an advantageous position going forward.
"I think a lot of companies marketing up until this point have been extremely, extremely positive, because it works really well," Chorlian said. "I don't think that'll work as well during the next year or so."
If projects aren't communicating in the Discord servers or making announcements in this market, it creates an environment of panic, Hoffman said.
"I hope that in every single discord server and every single NFT project, there is someone that is actually doing that job because I think it's very, very important for the longevity of the community," he added.
More: Investing crypto Cryptos
crypto bear winter
crypto bear
Decentralized networks
decentralized projects
tech careers
chief of vibes
director of vibes
Web3 jobs
culture managers
Decentralized Autonomous Organization
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2022-07-02T12:07:18Z
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Crypto Careers: Chiefs of Vibes Help Projects Navigate Web 3.0
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https://www.businessinsider.com/crypto-careers-jobs-nft-projects-vibes-directors-bear-market-survival-2022-7
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Here are 4 growth stocks that can succeed in any market setting, according to a portfolio manager who's beaten 99% of peers over the past 15 years
Growth stock investors have had a rough year so far.
The Guinness Atkinson Global Innovators Fund has topped 99% of opposing funds in the past 15 years.
Focusing on high-quality stocks is how portfolio manager Ian Mortimer has achieved success.
Here are four growth stocks that are key components of the fund.
As its ticker would suggest, the Guinness Atkinson Global Innovators Fund (IWIRX) has worked for investors. The large-cap growth fund has beaten 96% of funds in its category in the past decade and 99% of peers in the past 15 years, according to Morningstar.
During that run there have been stretches of dominance along with lean years. The fund topped at least 85% of competitors in every year from 2012 through 2017 except for one, but it also suffered sharp declines in 2018 and 2022 — so far, at least — as growth stocks have gotten slammed across the board in the first half of the year with few exceptions.
But Ian Mortimer, a portfolio manager at Guinness Asset Management who has co-managed the 24-year-old IWIRX fund alongside colleague Matthew Page for over 11 years, thinks that better days are ahead for quality growth stocks, even if the days of euphoria-driven investing are over.
"We would definitely look back and say there were pockets of the market that clearly were valued very, very highly for those future growth prospects," Mortimer told Insider in a recent interview.
Mortimer added: "You would hope as we go through the next couple of earnings seasons, the companies who are showing continued earnings growth — particularly if it's more secular in nature — and guide for reasonable growth going forward should be well-rewarded."
Choose growth stocks carefully
Only certain growth stocks can become one of the 30 equally weighted names in the Guinness Atkinson Global Innovators Fund. As the mutual fund's gatekeepers, Mortimer and Page target companies that are growing at a rate that's faster than the market but is still sustainable.
"Just because the company is innovative or growing quickly doesn't necessarily make it a good investment," Mortimer said.
There's a misconception about the word "innovative," Mortimer said, as not all companies that create value by improving products or services are early-stage upstarts that disrupt an industry.
Innovation can come from large or small firms in any field, but there are nine secular growth themes that tend to have a high concentration of transformative companies, Mortimer said: advanced healthcare, artificial intelligence/big data, clean energy/sustainability, cloud computing, mobile tech/the Internet of Things (IoT), next-gen consumer, payments/financial technology (fintech), robotics/automation, and internet, media, and entertainment.
But many of those industries aren't just synonymous with innovation. For years, they were also known for hosting stocks that traded at sky-high valuations as investors entered fierce bidding wars for companies that they thought would change the world one day.
"If you go back in time, we've seen lots of these types of periods," Mortimer said. "And again, there can't be that many winners at that sort of level. There can, but historically, there has not been that many winners to that sort of level."
Growth investors must first be wary of stocks that are in a bubble. Mortimer and Page avoid these stocks by focusing on quality and searching for firms with the following characteristics: reasonable valuations, solid returns on capital, healthy balance sheets, and material earnings instead of just promising revenue growth. That keeps them from overpaying for the wrong stocks.
"What we're trying to do is limit the amount we are paying for the future growth relative to what we're paying today," Mortimer said. "So therefore, if that growth disappoints — which it often can do because we know growth is very hard to predict — then hopefully that protects you from paying up a lot for future expectations that may or may not occur."
4 growth stocks to buy
Below are four stocks that fit the "innovator" criteria that Mortimer outlined above and are therefore key components of the Guinness Atkinson Global Innovators Fund.
"These are the sorts of businesses that have long pathways for future growth and, ideally, good opportunities for reinvestment into their business to generate more growth in the future," Mortimer said.
Along with each name is its ticker, market capitalization, price-to-earnings (P/E) ratio, and Mortimer's investment thesis.
1. KLA
Ticker: KLAC
Thesis: KLA is a leading semiconductor equipment manufacturer with substantial market share that will benefit from long-term demand drivers growing significantly, Mortimer said. Recurring revenue from services makes up about a quarter of the firm's sales, the portfolio manager said, adding that investors are discounting the importance of that steady, high-quality cash stream.
2. Amphenol
Thesis: This leading maker of electronic and fiber-optic connectors has a wide moat, meaning it's difficult for competitors to replicate its success, Mortimer said. Though Amphenol doesn't operate in the most expensive part of the manufacturing process, Mortimer said the continuity that the firm achieves is difficult to replicate. Plus, customers' switching costs are high.
"This is not necessarily the world's most technologically advanced type of business," Mortimer said. "But what we do see is a lot of potential demand for their types of products in areas such as vehicle electrification, autonomous driving, next-generation 5G, for example."
Mortimer added: "This is a good example, we think, of a company that's looking to constantly improve what it's doing, constantly reinvest in its business, has exposure to pretty interesting growth areas, and has the kind of quality characteristics that we seek."
Thesis: Nvidia is a chip maker that has exposure to several high-growth areas, including artificial intelligence, gaming, 5G, and cryptocurrency mining. As autonomous vehicles and natural language processing grow in the future, so should Nvidia, the thinking goes.
That thesis has worked so far, to say the least. Mortimer said that his mutual fund has held the Santa Clara, California-based company in its portfolio since about 2003 and has benefited immensely from the stock's astronomical return of roughly 22,400% in that span.
Outsourcing its manufacturing process has helped keep capital expenditure low, profits high, and the firm in front of its peers.
"Ultimately, it's just miles ahead of its competitors in terms of its technological advantage," Mortimer said.
Mortimer added: "Their advantage remains significant versus competitors, and the long-term growth prospects look exceptionally good across a very diverse range of growth drivers, which is very attractive."
Thesis: The company formerly known as Facebook should be thought of as an undervalued cash cow — not a way to get exposure to the futuristic, still-developing virtual world called the metaverse, in Mortimer's view. In fact, Meta is so cheap that it's now considered a value stock.
"The growth opportunity relative to the valuation you have to pay today is very compelling," Mortimer said.
Reasons to like Meta after the stock's 51% year-to-date collapse include its huge gross margins and the tons of cash on its balance sheet, Mortimer said. While the tens of billions of dollars Meta has invested into the metaverse is worth monitoring closely, the portfolio manager said, he doesn't envision the money suck revolutionizing the company's business at this point.
Guinness Asset Management
Guinness Atkinson Global Innovators Fund
Guinness Atkinson Global Innovators Fund IWIRX
IWIRX
IWIRX stock
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2022-07-02T12:07:24Z
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4 Stock Picks to Buy: Co-Manager of Mutual Fund in Top 1%
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https://www.businessinsider.com/investing-bear-market-stock-picks-to-buy-strategy-growth-opportunity-2022-6
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https://www.businessinsider.com/investing-bear-market-stock-picks-to-buy-strategy-growth-opportunity-2022-6
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Many employers offered bonuses for lifeguards to ease their hiring troubles this summer.
One teen lifeguard said he's receiving a bonus and making $21 an hour.
A lifeguard-association official said signing and referral bonuses should continue after this year.
Ben Kaplan, 17, is spending the summer swimming and sitting at the pool. And he's getting paid $21 an hour to do it.
Plus, like many US lifeguards this summer, he's taking home a signing bonus — an incentive that businesses across industries have presented to workers throughout the labor shortage. Later this summer, he could get another $500 retention bonus, bringing the total incentive to $1,000.
Kaplan said he "always loved swimming." The chance to work as a lifeguard for the Department of Conservation & Recreation in Massachusetts was an "opportunity to make money off of what I love to do," he added. He sees the bonus as "really appealing" and a good thing overall because the state needs "as many lifeguards as possible," he said.
Ben Kaplan.
Courtesy of Ben Kaplan
And it's not the only one. A May tweet from the Parks and Recreation department in Austin, Texas, mentioned a $1,250 bonus, and the city of Phoenix offered a $2,500 incentive. Charlottesville, Virginia joined the bandwagon, and Gov. Kathy Hochul of New York tweeted on June 22 that the state was increasing pay by up to 34% to deal with the labor shortage at its pools.
Pools across the country are experiencing a labor shortage, and some are cutting hours or temporarily closing as a result. The shortage is also affecting swim programs.
"The regional and national lifeguard shortage is real and our goal is to increase lifeguard coverage, incentivize qualified seasonal employees this summer and build a pipeline for year-round workers," Rosa Escareño, the general superintendent of the Chicago Park District, said in a statement.
The city recently increased the lifeguard bonus to $600 and is advertising a $500 referral bonus.
"We hope the retention and referral bonuses along with a path to permanent employment attract qualified candidates to support our" summer programming, Escareño added.
The bonuses seem to have been working for the waterfronts that need lifeguards in Massachusetts.
"We've been working hard on lifeguard recruitment really since last year," Stephanie Cooper, the acting commissioner of the Massachusetts Department of Conservation and Recreation, told Insider in an interview in May, adding that bonuses were "one of the tools that we are using," in addition to increasing pay.
"Because of that whole package, we have had a really good response in terms of applicants who have come to us," Cooper said.
Kaplan said he thought the bonuses may incentivize some young job seekers to become lifeguards.
"I feel like we're surrounded by all this culture, like there's all these videos on TikTok of, 'Oh, what's your salary?'" Kaplan said. "I feel that for a summer job, a signing bonus is a lot more impactful because that's just up front."
'The worst year' of the lifeguard shortage
Bernard J. Fisher II, the director of health and safety at the American Lifeguard Association, told Insider in May that this was the "worst year" he'd seen for the shortage of lifeguards. He added that the shortage started roughly 20 years ago.
He said during that time, "baby boomers were building more complexes that had swimming pools.
He added: "We were developing more beachfronts that required to have guarded beaches."
Additionally, he said the US was also relying on young workers.
"And we didn't have the numbers of the youth coming into our population as to the numbers of baby boomers that were retiring and building these complexes and building the developments," Fisher added.
Retirees and teachers are two groups of workers that could help with the shortage of lifeguards, according to Fisher. In general, there could be other pools of talent looking to work that could help employers experiencing the hiring difficulties — pools of talent that have historically been overlooked in the labor market.
"But the problem also is the wages that we have been paying the lifeguards," Fisher said.
"We strongly feel that it is a competitive industry just in general, the job market," Fisher said. "And we have to pay a good wage to individuals who are medical professionals, and incentives also are a good way to try to help overcome the shortage."
Fisher said the incentives, like signing and referral bonuses, should continue after this year.
Outside pools, teens, like Kaplan, are helping employers address the labor shortage, according to the economist of Gusto, a payroll and human-resources platform for small and medium-size businesses.
"On Gusto's platform, we're seeing teenage workers continue to step in and fill the gap during this economic recovery and be an attractive alternative source of workers for businesses who are struggling to navigate an unprecedentedly tight labor market," Luke Pardue, Gusto's economist, previously said in a statement to Insider.
According to the American Lifeguard Association, roughly one-third of pools could be closed or see reduced hours, a negative effect on communities across the country.
"I think we need to get the mentality that this is a major benefit to society, these pools," Fisher said. "It's where the community can pool together, come down, see your neighbor, have a nice, safe environment for the kids and the family and beat the heat."
More: Economy Lifeguard Lifeguards labor shortage
US Labor Market
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2022-07-02T12:07:36Z
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Meet the Gen Z Lifeguard Getting a $1,000 Bonus Amid Shortage
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https://www.businessinsider.com/lifeguard-shortage-large-signing-bonus-job-retention-hourly-pay-2022-6
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https://www.businessinsider.com/lifeguard-shortage-large-signing-bonus-job-retention-hourly-pay-2022-6
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The Chevrolet Bolt EUV is a compact electric SUV that's all-new for 2022.
It offers 247 miles of range, 200 horsepower, and Super Cruise, a hands-free driving feature.
Its biggest downsides: Less-than-ideal charging speeds and no all-wheel drive.
If you're itching to go green but turned off by high-priced electric cars, you're not alone.
Sticker shock is among the biggest factors keeping consumers from going electric, studies show. And who can blame them? Electric-vehicle powerhouse Tesla doesn't sell a car that costs less than $47,000. According to Kelley Blue Book, the average new EV sold for $64,000 in May as mind-boggling gas prices pushed people to rethink what's powering their cars.
Slowly but surely, though, carmakers are cooking up good battery-powered cars that don't require draining the college fund.
Case in point: the Chevrolet Bolt EUV, a new compact SUV that isn't trying to be astoundingly sexy, fast, or luxurious, but rather focuses on offering value. And it accomplishes that in spades, delivering healthy range, a comfy driving experience, and some advanced tech — all for less than $35,000 to start.
Chevy Bolt EUV: The basics
The Bolt EUV is new for 2022, launched last spring alongside the refreshed Bolt EV hatchback. The EUV, which stands for "electric utility vehicle," is a bit bigger and less egg-shaped than the EV, but they share the same guts.
Both Bolts took a little hiatus due to faulty batteries that could catch fire, but they're back in production as of April.
The 2022 Bolt EUV comes in two trim levels, in addition to a limited-edition model that kicked off sales:
Bolt EUV LT ($34,495, including destination fee): comes with 247 miles of range, a 10.2-inch touchscreen, and fabric seats.
Bolt EUV Premier ($38,995): adds leather seats, extra safety features, adaptive cruise control, optional Super Cruise, and other features.
The Premier model Chevrolet lent me for a few days in June came out to $43,190, including a destination fee and extras like a sunroof, a Bose sound system, and Super Cruise, GM's hands-free driving feature.
The current EUV LT is a good value, but the upcoming 2023 model will be a bigger bargain. A price cut will drop its starting price by more than $6,000 to $28,195.
What stands out: Solid range and available Super Cruise
The Bolt EUV is 6.3 inches longer than its hatchback counterpart, with much of that extra size going toward rear-seat legroom. I can confirm: The back seat is roomy enough for big adults, and its flat floor makes the middle seat more usable.
Overall, the interior is stylish, comfortable, and although there's a lot of hard plastic, there are also some nicer touches. My tester had plenty of gloss-black trim and leather seats with an intricate geometric pattern.
No clunky, frustrating touchscreen here; the Bolt's 10.2-inch display is responsive to taps and easy to use. Thankfully, you don't have to use it for everything — the Bolt EUV has physical buttons for the climate controls, which isn't true of many new cars these days.
On the road, the EUV isn't nearly as quick or agile as a Tesla or Ford's Mustang Mach-E, but acceleration is still punchy thanks to a motor that promises 200 horsepower and 266 pound-feet of torque. The EUV rides smoothly over bumps and stays quiet, even at highway speeds.
Speaking of highway driving, the EUV has a trick up its sleeve you won't find in many other vehicles: Super Cruise. It's the first non-Cadillac to get GM's excellent hands-free driving feature, which takes the monotony out of long road trips by automating some elements of highway driving. Super Cruise uses sensors and cameras to steer, accelerate, and brake on approved roads, so long as drivers still pay attention while it does so.
The system worked pretty well in my experience, but it isn't perfect. Once I had to jerk it out of an exit lane that it accidentally veered into.
Super Cruise is optional in the EUV Premier, but other advanced safety tech like lane-keep assist and forward-collision warning comes standard.
The Bolt EUV delivers on all-important range with 247 miles, according to the EPA's estimates. That's a bit less than the smaller Bolt EV, but it's competitive with pricier rivals like the base Mustang Mach-E (247 miles), Kia Niro EV (239 miles), and Volkswagen ID.4 (260 miles).
What's more, the EUV's digital gauge cluster displays both the maximum and minimum range a driver can expect given their current battery level. A few taps in the center screen gets you to a page that shows how factors like driving technique, terrain, climate control use, and outside temperature impacted driving range over the course of a trip.
Both thoughtful features should help new EV owners better understand how their vehicle performs and, hopefully, not get stranded.
What falls short: Slower charging, lacks all-wheel drive
The Bolt EUV's biggest weakness is that it can't charge nearly as quickly as rivals. It can accept 55 kilowatts of charging power, allowing it to add 95 miles of range in 30 minutes, according to Chevy. Compare that to the Hyundai Ioniq 5 — one of the fastest-charging EVs on the market — which can recoup some 200 miles of range in 18 minutes using a 350-kilowatt station.
This shouldn't pose much of an issue for anyone who plans to charge at home, but it could add extra hassle to extended trips with multiple charging stops.
The EUV also doesn't quite earn the "U" in its name. You can't get it with all-wheel drive (which is better for snow and other slippery conditions), and cargo space is almost identical to the Bolt EV. There's room for a few suitcases behind the back seats, but not a huge amount of stuff. And unlike lots of other EVs, there's no frunk.
Our impressions: A good value that's getting better
The Bolt EUV's slow charging speeds and so-so cargo space behind the rear seats mean it's not ideal for epic road trips. But it's a great option for commutes and shorter trips thanks to its compact size, parkability, and its lack of climate-warming emissions.
Importantly, the EUV brings another accessible SUV to the burgeoning EV market. But keep in mind: GM's vehicles no longer qualify for the $7,500 federal tax credit for plug-in purchases, which phases out based on how many cars a company sells. Other automakers still benefit from the program, and there's a full list here.
Electric cars are still far from being truly cheap, but the Bolt EUV — especially after its price cut — represents a step in the right direction.
More: Transportation Tech car reviews Electric Vehicles
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2022-07-02T13:38:08Z
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Chevy Bolt EUV Review: a Good Value That's Getting Better
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https://www.businessinsider.com/chevy-bolt-euv-cheap-affordable-electric-suv-review-range-2022-7
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https://www.businessinsider.com/chevy-bolt-euv-cheap-affordable-electric-suv-review-range-2022-7
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Travelers arrive on foot at Roissy-Charles de Gaulle airport while airport workers demonstrate, Friday, July 1, 2022 at Roissy airport, north of Paris.
Thomas Padilla / AP
Staff at one of Europe's largest airports have said they won't go back to work without a 20% pay rise, as many of them battle burnout and depression .
More: Weekend BI UK Airline Cancelled Flights Burnout
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2022-07-02T13:38:14Z
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'Depressed' Airport Staff in France Demand 20% Pay Rise As Cancellations Mount
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https://www.businessinsider.com/depressed-airport-staff-demand-20-pay-rise-cancellations-2022-7
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https://www.businessinsider.com/depressed-airport-staff-demand-20-pay-rise-cancellations-2022-7
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Jerome Powell, Chairman of the Board of Governors of the Federal Reserve System testifies before the House Committee on Financial Services June 23, 2022 in Washington, DC
Fed Chair Powell's relief actions in 2020 won widespread praise. Now he's catching flak for inflation.
Recent rate hikes have been criticized for slowing hiring and risking an economic downturn.
With inflation at 41-year highs, Powell will likely endure heavy criticism before the problem is solved.
Federal Reserve Chair Jerome Powell was one of the most celebrated policymakers of 2020.
Under his leadership, the central bank unleashed a quick and creative response to an unprecedented economic crisis. The Fed cut interest rates to near zero, buoyed financial markets with huge asset purchases, and started rolling out no less than nine emergency lending programs all in the span of a few weeks, and before much of the country had locked down.
Democrats and Republicans alike threw their support behind Powell. Claudia Sahm, a former Fed economist, characterized him as "Washington's best-liked man" in a March 2021 profile in The New York Times. New York Magazine deemed Powell "the world's best bureaucrat."
Times have since changed. The labor market has quickly rebounded, but inflation now poses the greatest risk to the economic recovery. That problem is the Fed's to solve, and Powell is catching just as much flak today as he was winning acclaim one year ago.
It doesn't help that the Fed's popularity had such a long way to fall. The central bank "was able to shine as an independent-within-government agency" during the kind of crisis that required rapid action, Kaleb Nygaard — a senior research associate at the Yale Program on Financial Stability and a former Chicago Fed analyst — told Insider.
While Congress was still finalizing its first round of stimulus checks and boosted unemployment benefits, the Fed had already rolled out all the tools in its toolbox and then some.
"The government actually did pretty well during that first bit in responding to the economic crisis, but the Fed was able to go super fast, which is exactly what you want them to do," Nygaard added.
That independence is now acting against the Fed's broad appeal. The Biden administration has punted most of the inflation problem to the central bank, with Brian Deese, director of the National Economic Council, telling Bloomberg TV on June 10 that "the Fed has the tools that it needs, and we are giving them the space that it needs to operate."
Chief among those tools are higher interest rates, and the Fed has been using them at a historic pace. Officials raised the Fed's benchmark interest rate by 0.75 percentage points on June 15, marking the largest one-off hike since 1994. By lifting rates, the central bank aims to slow Americans' spending and close the gap between supply and demand.
The increases represent the central bank's best bet for cooling inflation, but the same lawmakers that cheered the Fed's emergency measures in 2020 are pushing back.
"The risk is that the measures you're taking will slow down other parts of the economy without getting us the benefit of lower prices," Sen. Chris Van Hollen of Maryland told Powell.
Higher rates also slow economic growth, meaning companies will likely hire at a slower pace and issue smaller raises in the near future. Several Senate Democrats hammered Powell in a Tuesday hearing, arguing the Fed was slowing the labor market's recovery in hopes of cooling inflation. Republicans, meanwhile, pilloried the Fed chair for not raising rates sooner and allowing inflation to reach 41-year highs.
Everyday Americans aren't happy with the tradeoff, either. Consumer sentiment sits at its lowest recorded level since the late 1970s as households cite inflation for their growing pessimism. Google searches for " recession " surged to record highs amid fears that the Fed's aggressive hiking plans could slow economic growth to a halt.
Labor activists staked out the Federal Reserve building in Washington, DC earlier in June urging policymakers to keep pursuing maximum employment. Rate hikes might slow inflation, they argued, but it will slam the brakes on job creation while the unemployment rate for minorities sits well above that for white Americans.
"We stand opposed to the Federal Reserve taking any action that throws Black workers under the bus for inflation that we did not cause," Jennifer Wells, deputy director of Black Led Organizing at Community Change, said at the June 14 protest. "We have such a long way to go, and they are in that room making decisions to slow what little we have down."
Powell has defended the Fed's decision-making throughout, arguing on Tuesday that officials would've likely started raising rates earlier if they had known that factors like war and rolling lockdowns in China would complicate the problem. He also pointed to the labor market's strength as a sign that the economy is resilient and can withstand higher rates.
Until inflation slows, however, the Fed is playing catch-up. The central bank took a gamble early in the pandemic, Nygaard said, allowing inflation to run hotter than usual in pursuit of a faster labor-market recovery. The plan reflected lessons learned from the Great Recession and the sluggish rebound that followed. Policymakers saw the risk of overreacting as less than the risk of under-reacting, but that bet simply didn't work out in the Fed's — and the country's — favor, Nygaard added.
"They gave it more odds that this would bring employment back without causing inflation ... it just so happened that inflation got out of hand," he said. "They were on the wrong side of the bet, even through it was the right bet to make."
More: Economy Federal Reserve Fed Fed Chair
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2022-07-02T13:38:26Z
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High Inflation Has Turned America Against Jerome Powell and the Fed
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https://www.businessinsider.com/inflation-outlook-jerome-powell-response-fed-rate-hikes-recession-risk-2022-6
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https://www.businessinsider.com/inflation-outlook-jerome-powell-response-fed-rate-hikes-recession-risk-2022-6
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There's some cliché financial advice I've heard over and over that financial planners say to ignore.
"Renting is throwing money away" and "a credit card balance is good for your credit score" are examples.
The advice to max out your 401(k) and buy crypto also isn't right for everyone.
Four years ago, on my 30th birthday, I set a goal that this decade would be the one that I'd clean up my finances. I wanted to stop making costly mistakes with my spending and lack of savings, and get on track for retirement and other goals.
Since I wasn't the most financially savvy person, I decided to ask anyone I could for advice and document what they said in a notebook. After a year of doing that, I had a few pages of advice from friends and financial professionals. One thing I noticed was that a lot of the advice I was given was quite common and even a little bit cliché.
That made me wonder if frequently passed-along financial advice always rings true. It turns out that's a big no. Just look at what these financial professionals said about cliche advicé they often hear and believe shouldn't be followed.
1. Renting is throwing away money
At least once a month, I have someone tell me I'm mismanaging my finances because I'm renting an apartment, and that's practically like throwing money away. But that never seemed quite right to me.
While there are perks to being a homeowner (like tax credits and equity), there are also benefits that come with being a renter (not having to pay homeowners insurance or property tax, and not having to foot the bill for repairs for starters).
Financial planner Danielle Miura confirmed my suspicions.
"Between the mortgage payment, maintenance costs, insurance, and taxes, renting might be a better option for most people compared to owning a house," says Miura.
While some people have a goal of being a homeowner, Miura says that not everyone wants to do that. For some people, renting can be a better solution too if they are trying to focus on establishing themselves financially, have plans to move within the next five years, or prefer not to do maintenance.
2. Crypto is the future
Lately, all the financial advice my friends are giving me has to do with cryptocurrencies. They keep pushing me to put more of my cash into digital coins, but I'm hesitating to follow that advice.
Miura says that when you hear the cliché advice that cryptocurrency is the future, it's important to take a step back and look at your own financial goals before rushing to invest in something that other people are pushing as the next best thing.
"This doesn't mean that crypto can't be a good investment, however it is important to analyze your investments before pulling the trigger," says Miura. "Those who think that they can predict the future of an investment are usually wrong."
3. Always max out your 401(k)
When it comes to retirement planning, there's popular advice out there around maxing out your 401(k) contributions before you do any other type of saving or investing. Financial planner Gary Grewal says that's not well-suited advice for everyone.
Grewal advises that while 401(k) contributions can help you reduce your taxable income and save for retirement, it's not always the best or the right option. That's because some people have unimpressive 401(k) plans with high-cost funds, while others might be trying to pay off debt or get ready to buy a home, and that is currently more important to them.
"People should consider their financial priorities and fund them accordingly," says Grewal.
If possible, Grewal recommends focusing on getting out of consumer debt, building a three-month emergency fund, and then funding your 401(k). And then if there's money left over, it's best to direct it to your first priority goal that's important to you.
4. Keeping a balance on your credit card will improve your credit score
One of the financial goals I always have in mind is around how to improve my credit score so it can come in handy when I need it for a personal loan, apartment application, or to get a new credit card.
Financial planner Andrew Latham says that when you hear the advice that carrying a balance on your credit card helps improve your credit score, know that it is a complete myth.
While Latham says you do want to keep your accounts active, there is no benefit to carrying a balance.
"Carrying a balance on your credit card actually increases your credit utilization ratio," says Latham. "Since credit utilization is responsible for 30% of your credit score, it's a good idea to keep it as low as you can."
Instead, to help improve your credit score, Latham recommends using your card regularly but paying off the balance in full before it's due.
PERSONAL FINANCE I'm a financial planner, and I think renting is a much smarter choice than buying a home for many people
PERSONAL FINANCE 7 ways to improve your credit score
More: Money Advice 401(k) crypto Financial Planners
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2022-07-02T13:38:51Z
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www.businessinsider.com
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Cliché Money Advice Financial Planners Say You Can Ignore
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https://www.businessinsider.com/personal-finance/cliche-money-advice-ignore-2022-7
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https://www.businessinsider.com/personal-finance/cliche-money-advice-ignore-2022-7
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Becky G is a Latin-American singer from California.
Araceli Beauty and Becky G's Treslúce Beauty both use agave in their cosmetics.
Both beauty brands have stickers with agave plants and the national flower of Mexico.
Becky G said in an Instagram video that her brand was inspired by her life experiences and culture.
The pop singer Becky G has rejected claims she copied the products and brand designs of an independent cosmetics company after its founder said the similarities were "uncanny".
LatinX-inspired brand Araceli Beauty was launched in 2018 by Mexican-born Araceli Ledesma. She wanted to create a beauty brand to stand out in a crowded market that reflected her Mexican heritage.
Ledesma first launched an eye collection, Jalisco Eyes Kit, to pay homage to her home state of Jalisco. The kits were made using agave oil sourced from Mexico and have an agave illustration on the packaging.
Pop singer Becky G, whose heritage can be traced back to Jalisco in Mexico, launched Treslúce Beauty last year with an eyeshadow palette enriched with agave. The packaging also features an agave image.
"I put my entire soul into my beauty brand, and I feel robbed of years of hard work," said Ledesma.
"My goal in shedding the light on this situation is not to tear anyone down; it is to give self-starting businesswomen and independent creators the value they deserve."
Ledesma included her signature and a personal message on the packaging. Treslúce Beauty also has a signature and note on the palette packaging.
Araceli worked with people in Mexico to develop a handmade bag that comes free with the eyes kit to match the packaging, as did Treslúce Beauty.
Araceli Beauty launched in 2018 and Treslúce Beauty launched in 2021.
Araceli Beauty
The Araceli kits also come with a sticker sheet, including an agave plant and the national flower of Mexico, the dahlia flower. Treslúce's products also come with a sticker sheet featuring an agave plant and the dahlia flower.
Ledesma said she was surprised to receive Treslùce's PR launch package at her Araceli Beauty office when it initially launched and that the similarities between the brands go deeper than just the eye kits.
Becky G addressed the allegations in a video posted to Treslùce's Instagram account last week and said Jalisco is known and celebrated for its agave and that Mexico has only one national flower.
"The few ingredients in Treslúce products that they are infused with are native to Mexico – they are not specifically owned by one place or person," Becky G said in the video. "All of these elements were extremely important to me, the brand and were inspired by my life experiences and culture. It was not stolen."
Treslúce Beauty and its partner, MadeBy Collective, did not respond to Insider's request for comment.
NOW WATCH: A dermatologist and a cosmetic chemist debunk 19 skin-care myths
More: Retail Cosmetics Beauty becky g
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2022-07-02T15:10:18Z
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www.businessinsider.com
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Gen-Z Singer Becky G Rejects Tresluce Beauty Copying Claims
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https://www.businessinsider.com/gen-z-singer-becky-g-rejects-claims-copying-beauty-products-2022-7
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https://www.businessinsider.com/gen-z-singer-becky-g-rejects-claims-copying-beauty-products-2022-7
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Palestinians visit the site where Al Jazeera correspondent Shireen Abu Akleh was killed in the city of Jenin in the occupied West Bank on May 18, 2022.
Photo by Nasser Ishtayeh/SOPA Images/LightRocket via Getty Images
Palestinian-American journalist Shireen Abu Akleh was killed in May while covering a raid in the West Bank.
Several investigations concluded that she was killed by an Israeli bullet.
Palestinian authorities on Saturday gave the bullet to US officials for ballistic testing.
The Palestinian Authority gave the bullet that killed Palestinian-American journalist Shireen Abu Akleh to a US official for ballistic testing, Axios reported.
"We agreed to transfer the bullet to the Americans for examination," Akram al-Khatib, General Prosecutor for the Palestinian Authority, told Reuters, but did not provide any additional details.
Senior Israeli officials told Axios the bullet was given to US security coordinator Lt. Gen. Mike Fenzel on Saturday and said they expect the results to be ready on Sunday.
Abu Akleh was killed on May 11 while reporting on an Israeli military raid in the West Bank city of Jenin. She was wearing a helmet and a vest marked with "Press," at the time of the shooting. A Palestinian investigation as well as independent investigations by several news outlets concluded that an Israeli bullet is what killed Abu Akleh.
The Palestinian authority concluded that Abu Akleh's death was "deliberate murder" by an Israeli soldier, Reuters reported.
Axios reported that the Palestinians did not trust Israeli authorities and refused to hand over the fragment of the bullet that was taken from Abu Akleh's body. The US had been requesting the bullet for weeks.
More: Israel Palestine Shireen Abu Akleh
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2022-07-02T19:48:03Z
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www.businessinsider.com
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Palestinians Give Bullet That Killed Journalist Shireen Abu Akleh to US
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https://www.businessinsider.com/palestinians-give-bullet-killed-journalist-shireen-abu-akleh-us-2022-7
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https://www.businessinsider.com/palestinians-give-bullet-killed-journalist-shireen-abu-akleh-us-2022-7
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Menstrual-hygiene products.
Rep. Marjorie Taylor Greene of Georgia has tried to blame trans people for the tampon shortage.
Experts told Insider global supply-chain issues from multiple factors are the cause.
The shortage may exacerbate menstrual-health inequity, the nonprofit Period Project told Insider.
As a tampon shortage swells in the US, Georgia Rep. Marjorie Taylor Greene has pushed a groundless rumor that trans people are to blame.
The far-right provocateur broadcast her transphobic theory in mid-June on an episode of her podcast, "MTG Live."
"The latest news is, there's a shortage of tampons, and that's probably because men are buying tampons," Greene said, adding that there is a "war on women" and calling out places that "put tampons in men's bathrooms."
She followed up in a tweet: "'People who menstruate' can't find tampons. Has anyone checked the warehouses at the border where all the baby formula is stocked floor to ceiling on shelves? Or maybe some men's restrooms? Apparently they are available there."
Greene's supporters on the right have latched on to her unfounded claims. But experts say the shortages reported by consumers facing empty shelves in stores and retail suppliers unable to fulfill orders are due to global supply-chain issues — and shortages of everyday products may be something we have to get used to.
"One of the biggest challenges we have is we're not used to delayed gratification. We're used to getting what we want instantly," Vaughn Moore, the CEO of AIT Worldwide Logistics, told Insider.
"Is this a new normal that we're under, about not being able to get certain products when we want them?" he added, pointing to other everyday necessities in short supply, such as baby formula and wet wipes.
The tampon shortage is a byproduct of capacity constraints and congestion at ports globally that came to bear during the pandemic and haven't been fully alleviated, said Moore.
The Ukraine conflict has exacerbated these issues, with rising fuel costs delaying the transport of products, the logistics expert added.
Shortages of raw materials used to produce tampons have been impacted as a result, according to Nirav Patel, the president and CEO of Bristlecone, a logistics-solutions firm.
"Cotton, rayon, and plastic are three key materials used in tampons," Patel told Insider. "These three materials have been in high demand since the start of the pandemic due to their use in PPE."
A majority of cotton is sourced outside the US. China's cotton accounts for one-fifth of global supply, so its zero-COVID lockdown strategy has impacted that supply.
And last year, the US signed the Uyghur Forced Labor Prevention Act, which bans imports from the Xinjiang region of China, a region that produces 85% of the country's cotton, explained Patel.
Droughts in California and Texas have also affected domestic cotton production, he added.
As suppliers face these shortages of raw materials, a lower price elasticity on tampons is also a challenge for manufacturers.
"They can't just keep increasing the price for that product, because there's a point where people can't afford it," said Moore, comparing it to other goods that use raw materials like plastic, such as electronics, that have a much higher price elasticity.
But prices on everyday essential have risen in a short amount of time — a glaring concern for organizations like the Period Project, which provides menstrual-hygiene products to those in need.
"Access to products has increasingly worsened over the past year," Laurie Rovin, the interim CEO of the Period Project told Insider. "We are having challenges purchasing bulk period-care products, and when we attempt to order retail, the limit is five boxes per order."
A pack of menstrual-hygiene products given out by the Period Project.
The Period Project
When she began as the interim CEO of the organization last August, the cost for a "period pack" — consisting of tampons, pads, liners, and wipes — to cover one menstrual cycle was $5.86, she said. Today it costs $10 per pack and that price is rising rapidly.
"Our nation needs to prioritize menstrual-health equity by increasing access to period-care products," Rovin said. "A homeless woman or a person in poverty does not have access."
More: Tampon Tampon shortage Inflation Pandemic
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2022-07-03T07:58:05Z
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www.businessinsider.com
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Marjorie Taylor Greene Is Wrong About Reasons for the Tampon Shortage
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https://www.businessinsider.com/tampon-shortage-marjorie-taylor-greene-trans-people-2022-6
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https://www.businessinsider.com/tampon-shortage-marjorie-taylor-greene-trans-people-2022-6
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Buy these 3 growth stocks that look oversold as investors price in the 'worst-case scenario,' says a portfolio manager at $631 billion Federated Hermes
Growth stocks should hold up better in an economic downturn than their cyclical peers.
Growth stocks appear to be on pace for their first losing year since 2018 as interest rates rise.
But Jordan Stuart of Federated Hermes sees opportunities in small-cap biotech and tech stocks.
Here are three growth stocks to consider as an economic downturn looms.
Sky-high inflation and tighter financial conditions have crushed growth stocks in 2022. Many tech companies have gone from commanding mind-numbing valuations last year to struggling to survive as the economy slows and recession risk rises.
"Within tech, the growthier you are, the more you've sold off," said Jordan Stuart, a client portfolio manager at $631 billion Federated Hermes, in a recent interview with Insider.
"Our stocks participated in the bubble, if you will, and it is deflating," the growth-focused manager continued. "We've seen this happen quite a few times in the past. It's not fun on the way down."
But Stuart believes that the "worst-case scenario" for growth stocks may already be priced in. The portfolio manager made a similar call about small-cap stocks back in April and the group is down about 9% since then after attempts at a rally have fizzled out, but Stuart thinks the situation has changed in the last few months.
Right now investors assume that inflation will stay elevated and force the Federal Reserve to keep raising interest rates, which would hurt rate-sensitive growth stocks. But if inflation fades on its own or the economy slows to a point where more hikes aren't necessary, then the battered group could swiftly rebound. The risk-reward setup is "pretty good," Stuart said.
"I'm not thinking so much about the downside," Stuart said. "I'm thinking about what happens once we start to recover."
Stuart added: "These growth stocks are the ones that shoot out the gate, and they really rebound. Now I know they've been hit hard on the way down, but they really rebound aggressively, and there's historical precedent for that."
Top opportunities within growth
There are two types of stocks that look attractive to Stuart right now: small-cap biotechnology and technology names.
Biotech companies are infamous for their boom-or-bust nature and are often among the most speculative stocks in markets since their fates often depend on the success of unproven drugs. This healthcare subsector in its fourth serious downturn (2008, 2015, 2018, 2022) since the financial crisis, though Stuart noted that this bear market is about twice as bad as usual.
Like other growth stocks, biotech names have suffered as interest rates rise. Higher rates make investors less willing to take risks because the discount rate used to value stocks also climbs, which reduces the present value of a firm's future earnings.
But amid all the negativity about tightening financial conditions, there's a compelling case for biotechs, in Stuart's view. The group's acyclical nature means that it can generate growth during a recession , Stuart noted. And if a downturn doesn't come because the US central bank doesn't cripple the economy while fighting inflation, then biotech valuations should rebound.
"We're confident that the companies that we're owning in the biotech space can weather the storm and we think will bounce on any kind of all-clear or if things aren't as bad as expected," Stuart said.
Tech names outside of the biotech industry have also been damaged by higher interest rates, though they could come back into favor if the Fed slows the pace of its rate hikes, Stuart said.
But there's another tailwind that could lift beaten-down small-cap tech companies, Stuart said: acquisitions by larger peers looking to boost their productivity. Smaller tech stocks trading at discounted valuations tend to get snapped up during downturns, Stuart said, adding that large firms are armed with plenty of money to make deals.
Buy these 3 biotech stocks
Below are the three biotech stocks that Stuart favors, along with the ticker, market capitalization, and a summary for each.
1. Argenx SE
Ticker: ARGX
Stock summary: This Netherlands-based biotech firm has logged a 7.5% gain this year that crushes both the S&P 500 — down 21.1% this year — and the small- and mid-cap-heavy SPDR S&P Biotech ETF (XBI) — down 32.1% year-to-date — and that return would be even higher had the stock not fallen 23% in January.
Argenx makes treatments for severe autoimmune diseases like immune thrombocytopenia, pemphigus vulgaris, and chronic inflammatory demyelinating polyneuropathy. Like other biotech firms, the company's success hinges on whether its drugs can secure approval from regulators like the Food and Drug Administration (FDA). The approval process is costly and takes years.
Positive data releases for Argenx's therapies like top candidate Vyvgart (efgartigimod) have lifted the stock in 2022, as has its ability to raise money through stock offerings. Investors appear optimistic that Argenx can win a biologics license application for Vyvgart by year's end.
The median price target for the stock is about $340, according to data from Markets Insider, which implies that shares have 9% downside.
2. Dynavax Technologies
Ticker: DVAX
Stock summary: Dynavax is a California-headquartered vaccine company that makes HEPLISAV-B, which is used to treat hepatitis-B. It also created a COVID-19 vaccine adjuvant, which is an ingredient that makes the vaccine more effective.
The stock is down 12.4% year-to-date, but it has held up better than the broader market or its industry peers this year despite the fact that the pair of earnings reports it's shared this year have been underwhelming at best. Its Q4 report consisted of slight misses on both earnings and revenue, while its Q1 report revealed a 26% decline in revenue and a 52% miss on earnings.
Regardless, Wall Street is bullish on the stock. The median price objective for shares of Dynavax is just over $18, according to Markets Insider data, which suggests that shares could rise 47% from current levels. All eight analysts that cover it have buy ratings on the stock.
3. Galapagos NV
Ticker: GLPG
Stock summary: This Belgian biotech company makes treatments for rheumatoid arthritis, ulcerative colitis, Crohn's disease, osteoarthritis, and other ailments. The stock is up 0.5% this year, even after shares spiked by 22.5% in late January as the firm appointed a new CEO: Paul Stoffels, who was previously Johnson & Johnson's chief scientific officer.
Of the 18 analysts who cover the stock, eight have a buy rating, nine have a neutral rating, and just one has a sell rating. The median price target is roughly $129, according to data from Markets Insider, which means Wall Street expects shares to soar by 132%.
More: Features Investing Jordan Stuart
Jordan Stuart Federated Hermes
Argenx stock
Dynavax stock
Galapagos stock
GLPG stock
biotech stocks to buy
biotech stock tips
tech stocks 2022
tech stocks to buy
federated hermes stock picks
small cap stocks to buy
small cap growth
Small Cap Investing
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2022-07-03T09:28:53Z
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www.businessinsider.com
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3 Growth Stocks to Buy in a Bear Market: Federated Hermes
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https://www.businessinsider.com/investing-growth-stock-picks-to-buy-biotech-bear-market-strategy-2022-6
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https://www.businessinsider.com/investing-growth-stock-picks-to-buy-biotech-bear-market-strategy-2022-6
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Boeing Business Jets on display at the European Business Aviation Convention and Exhibition in Geneva.
Boeing has a fleet of airline-sized private jets designed for wealthy people who want larger private planes.
I toured the original BBJ model which has a large living space and en-suite master bedroom.
The plane is the largest and most luxurious private jet I've ever seen.
Boeing has a fleet of airline-sized private jets which have been running off the production line for over 20 years.
The BBJ private plane at the European Business Aviation Convention and Exhibition in Geneva, May 2022.
Boeing Business Jets are designed to appeal to high net worth individuals who want larger, more comfortable private planes.
The BBJ plane.
I toured one of the BBJ models which belongs to a well-known author and motivational speaker.
Inside the BBJ.
The plane is around 80-feet long and can comfortably hold 19 passengers.
Inside the main compartment where the living space is.
Inside the main cabin, the first compartment featured a large open-plan seating area, composed of reclining seat pairs, dining tables, and sofas.
Inside the main cabin.
The dining table sat in front of a large entertainment screen and was set when I visited.
The main compartment had a dining table.
The large chairs also had fold-out tables and side storage compartments ...
The chairs inside the BBJ.
… and featured control buttons for music.
The control panel inside the chairs.
A larger table with sofa chairs on each side was situated in the next compartment. The space was slightly smaller and more private, which made me think it could perhaps be used for conferences or meetings.
Inside the second compartment.
A master suite was situated further down the plane, replete with a comfy-looking double bed.
The bedroom also featured its own entertainment screen mounted on the wall.
The entertainment screen inside the master bedroom.
An en-suite bathroom with floor to ceiling mirrors was situated next door.
The master bedroom has an en-suite bathroom.
The en-suite also had a large vanity unit with panel lighting and high-end toiletries.
Inside the en-suite bathroom.
Back at the front of the plane, a kitchen and crew rest were situated off the entryway.
The crew rest had two large reclining armchairs.
The crew rest.
A spacious kitchen was located at the front of the plane close to the cockpit.
The kitchen space.
It came complete with Nespresso coffee machines and a milk frother.
The main bathroom with a large sink and vanity unit was also situated at the front of the plane.
The bathroom space.
The model I toured — the BBJ1 — is part of a previous generation of Boeing Business Jets. The original BBJ model is based on Boeing's 737-700 commercial airline and first rolled off the production line in July 1998.
First BBJ flight.
Newer models which have since joined Boeing's business jet fleet include the Boeing Max family, the BBJ 787-8 and BBJ 787-9 Dreamliners, as well as the BBJ 747-8, the world's largest private jet.
BBJ 747-8.
More: Features Planes Transportation Travel
Boeing Business Jet
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2022-07-03T10:59:55Z
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www.businessinsider.com
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PHOTOS: Inside Boeing Business Jets Original Airline-Sized Private Jet
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https://www.businessinsider.com/boeing-business-jets-private-plane-see-inside-photos-2022-7
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https://www.businessinsider.com/boeing-business-jets-private-plane-see-inside-photos-2022-7
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Jim Perkins grows fruit and vegetables on the spare land of his duplex.
Jim Perkins
Jim Perkins has been grows a variety of tomatoes, courgettes and watermelons as well as other fruit and vegetables.
Steven DeGracia spent only an hour setting up an area to grow food.
Steven DeGracia
Andrew James saves close to £40 ($48.70) a week by growing food for his family.
Jim Perkins says his tomatoes are ready to eat about three months after being planted.
More: Cost Of Living Agriculture Retail Supermarkets
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2022-07-03T11:00:13Z
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www.businessinsider.com
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The People Growing Their Own Fruit and Vegetables to Beat Inflation
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https://www.businessinsider.com/shoppers-ditch-supermarkets-to-grow-their-own-fruit-and-vegetables-2022-6
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https://www.businessinsider.com/shoppers-ditch-supermarkets-to-grow-their-own-fruit-and-vegetables-2022-6
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Hi, I'm Matt Turner, the editor in chief of business at Insider. Welcome back to Insider Weekly. Hope you're enjoying your holiday weekend — we've got some great reads for you today.
Leaked documents say Silicon Valley darling Cerebral harmed hundreds of patients.
Why it's time to overhaul bad bosses and radically rethink management.
The housing market's next biggest crisis: too many homes.
Insiders at the $12 billion delivery startup Getir describe a harsh, unsafe culture.
But first: Travel is a nightmare right now. Since many of you are hitting the skies or roads this weekend, we're taking a look at what's going on — and what you can do about it.
How to navigate air-travel hell
This Fourth of July weekend, things are going to get ugly. Air-travel-related things, that is.
Flight cancellations are spiking, airports are preparing for dangerous overcrowding, people are going to extreme measures just to talk with customer service, and airlines are offering thousands of dollars to people willing to get bumped from oversold flights.
We all knew this was going to happen; last week, Insider reported it was going to be a terrible summer for air travel. Now, Delta's CEO has even announced he'll activate the company's "Peach Corps," a fleet of workers intended to help travelers navigate this hellscape — and American Airlines is offering pilots pay rises of up to $65,000.
If your flight gets delayed or canceled, here's what to do. If you're flying with Delta, they'll let you change your flight for free.
You might be spending a lot of time on the airport's WiFi. Here's how to keep your data safe.
If you're heading out on a long car trip, well, here's a trend: Rich New Yorkers are getting medical procedures to avoid bathroom breaks on the drive to the Hamptons.
Good luck, travelers.
Now, onto this week's top stories.
Inside Cerebral's fall from grace
Cornelia Li for Insider
Once considered a Silicon Valley success story, Cerebral had a bold mission: to democratize access to high-quality mental-health treatment. But more than 2,000 leaked documents and interviews with dozens of current and former employees suggest the startup operated in flagrant disregard of clinical standards.
In a few reports, insiders flagged that medical providers prescribed potentially lethal combinations of drugs or prescribed addictive drugs to patients with histories of addiction. In some instances, patients with complex conditions, such as bipolar disorder , were assigned to clinicians who lacked sufficient training, supervision, and support to treat them.
Read Insider's full investigation.
What does your boss do all day?
Let's admit it: Most managers are terrible. The Great Resignation and the rise of remote work has shown we need a better class of bosses. A recent survey found 85% of people believed they could do their jobs without a manager, while 82% would consider quitting because of a bad manager.
The connection between workers and bosses has become frayed, Ed Zitron argues. Zitron's proposal: Fire every manager who doesn't directly participate in the work alongside their employees.
Here's what managers must improve on.
The housing market's new threat
After soaring house prices, rising rents, and bidding wars during the pandemic, the US housing market could head toward a slowdown, a housing research and investing firm told Insider. It's now concerned about weakened housing demand.
Because the number of houses under construction has soared with a backlog of inventory, there could soon be more homes than people who want them. In a market defined by booms and busts, this all could spell troubles for the broader US economy.
Behind the long-term housing demand worries.
Getir insiders are speaking out
Chris McGrath/Getty
On the surface, the $12 billion ultrafast delivery service Getir appears to have more experience than some of its rivals. But employees told Insider that hasn't translated to success in its US launch — and now, they say work has become dangerous.
"There's just zero future in getting a profitable model together that I could see," one employee told Insider.
What employees are saying about Getir.
"More customers trickled in, people left us positive reviews on Google, and around the six-month mark, we'd tripled our revenue."
— 31-year-old Carlos Ochoa on how he began making $24,000 a month after buying a laundromat.
A JPMorgan Chase staffer tells us what it's like to be tracked by the bank all day.
A former Tesla employee describes being laid off without warning.
Inside Palm Beach's luxury-real-estate bonanza.
As Allbirds loses money, analysts share what it needs to do to survive.
Dog the Bounty Hunter's son spearheaded one of the country's most exclusive members' clubs. Was it all a lie?
"My first trip on ayahuasca was life-changing. So I did it again."
If you want people to come back to the office, ditch the cubicles and open floor plans.
Plus: We're seeking nominations for Insider's first Climate Action 30 list. Submit your nomination here.
More: Newsletter insider weekly Travel Transportation
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2022-07-03T12:34:54Z
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www.businessinsider.com
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Air-Travel Nightmare Over Fourth of July Weekend
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https://www.businessinsider.com/air-travel-tips-cerebral-bad-bosses-work-advice-2022-7
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https://www.businessinsider.com/air-travel-tips-cerebral-bad-bosses-work-advice-2022-7
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United Airlines is fitting all of its narrowbody planes with its new "signature interior" by 2025.
The cabin is amenity-heavy, featuring TV screens, in-seat power, and Bluetooth.
I flew in the new cabin from Newark to Seattle and enjoyed the modernized product, for the most part.
United Airlines unveiled its all-new Boeing 737 MAX 8 interior in June 2021, which Insider toured at an event at Newark Liberty International Airport the same month.
Inside United Airlines' newest aircraft and interior.
I went inside United's brand-new Boeing 737 Max 8 with all new seat-back television screens and saw how the airline is revolutionizing air travel
The plane on display was the company's first 737 MAX 8 with the new cabin, featuring new amenities like seatback TVs and larger overhead bins.
The jet is part of a massive 270-aircraft order valued at over $30 billion, which is the largest in United's history. The order includes 50 Boeing 737 MAX 8, 150 Boeing 737 MAX 10, and 70 Airbus A321neo aircraft.
United Airlines Boeing 737 MAX.
United just made the largest aircraft order in its history for 270 new Boeing and Airbus jets with seatback screens, WiFi, and more first class seats
All of the new planes will come standard with the updated cabin, but United plans to also retrofit its current Boeing and Airbus narrowbody planes with the signature interior by 2025.
United's existing Boeing 737 MAX jets do not have seatback screens. Pictured is one of the airline's 737 MAX 9.
I flew on United Airlines' first Boeing 737 Max flight in nearly 2 years and it was just the boring flight the airline needed
The modernization effort will not only make improvements to the carrier's aircraft but is also aimed at enhancing the airport and customer service experience.
United is adding "bag drop shortcuts" to its hub airports.
Kenny Frank/United Airlines
United just launched an all-new 'bag drop shortcut' at its hub airports to check in passenger luggage in one minute or less
Since seeing United's new cabin, I have been eager to try it out. So, I booked a ticket on the longest flight I could manage, flying six hours from Newark to Seattle, to get the full experience — here's what it was like.
I arrived at Newark at 5:30 a.m. for my 7:00 a.m. departure, and, even at the early Monday hour, the airport was already bustling with travelers.
A queue for the bag drop line was already formed.
Security only took about five minutes with TSA PreCheck, which helped avoid the hectic lines during this busy summer travel season.
Inside the terminal, I made my way to gate C71. There was plenty of space to sit and wait for boarding, as well as plenty of power outlets, which I appreciated.
Boarding started 40 minutes before departure and I was in group 3, so I was one of the first people on the plane.
I took my seat in 23A, which was the third row in the regular economy section and located right over the wing. I pre-reserved the spot for $22 during booking.
The seat was marketed as a "preferred zone assignment" that is closer to the front of the plane.
According to SeatGuru, row 23 is in the center of the jet, but I had fewer people to wait on when deplaning because there is less capacity in premium economy and first class, so it was worth the fee.
While I waited for the rest of the passengers to board, I started exploring the updated seat. The first thing I noticed was the space.
The economy seats offer 30 inches of pitch, which is on par with some competitor airlines, and even low-cost carrier Breeze Airways, which offers the same legroom on its A220 planes.
Breeze Airways' A220 economy seat.
I had a medium-sized duffel, but I kept it stowed under the seat in front of me to leave space for larger carry-ons, especially since it was a completely full flight.
This limited the amount of legroom I had to stretch my legs fully straight, but I still felt I had plenty of space in the window seat. Granted, I'm only 5'3" and on the smaller side, so I fit in most airline seats easily — even Spirit's miserably tight cabin.
Without my bag under the seat, I could easily stretch my legs out.
Meanwhile, the width of the seat was also similar to competitors at 17.2 inches, leaving just enough hip room to be comfortable.
However, taller or larger passengers may feel snug regardless and might want to consider booking an "Economy Plus" or first class seat instead, which offers 34 and 37 inches of pitch, respectively.
United's Economy Plus exit row seats on the 737 MAX 8.
Poking around the new seat, I also found a several other amenities, like USB ports…
…110v AC power outlets…
…large seatback pockets big enough for my laptop…
...a medium-sized tray table...
...good recline...
…and seatback screens, which offer over 2,800 selections of movies, TV shows, music, and games. I decided to watch Tom Holland's new film, Uncharted, which was actually pretty good.
I also like that the screen flips up when the seat in front reclines.
The new inflight system also allows passengers to connect Bluetooth headphones to the seat.
I have wired headphones, so I stuck to those, but still appreciate the unique feature and am happy to know it's available if and when I ever invest in AirPods.
United has opted to bring back inflight entertainment screens to better compete with Delta, which has TVs installed on many of its narrowbody aircraft.
Seatback screens on Delta's Airbus A220.
The upgrade will leave American Airlines as the only "big 3" carrier without seatback screens on most of its single-aisle jets. The carrier has opted instead for free inflight streaming, which is seen on other carriers like Southwest Airlines.
Southwest Airlines inflight streaming guide.
Mark Matousek/Insider
For those that prefer to stream entertainment to their personal device, United still offers the option for free through its inflight portal.
Also offered via the portal is free texting and for-purchase WiFi, which cost me $8 as a Mileage Plus member. The service is $10 for non-members. The WiFi was fast and I was easily able to work during the flight.
I worked from my laptop, which fit on the tray table, though the table was smaller than expected. When the seat in front of me reclined, I struggled to type because I could not push the screen back.
This is an issue I've had on every carrier I've flown on, so it's not specifically a United problem.
I had the same issue on Delta's Embraer 175.
It appeared I was not the only person in my row with this problem, so I think carriers could design the tray tables better so they extend further out from the seatback if possible.
It appeared another passenger in my row was having to hold his laptop forward because of the reclined seat.
Despite my qualms with the tray table, the rest of the service was great. United offers complimentary drinks and snacks, as well as buy-onboard options.
The flight attendant came through the cabin shortly after takeoff to hand out snacks and drinks.
I opted for several cups of coffee to get me through the long flight…
…as well as bought the tapas snack box full of treats.
Inside the box were pita, hummus, almonds, crackers, a cheese spread, olives, and chocolate. I'm not a fan of olives but everything else was good and kept me filled until we landed in Seattle.
Halfway through the flight, I made my way to the aft lavatory, which was very small compared to other carriers.
Despite the snug space, there was a changing table over the toilet…
…and a little cubby to stash small items, like a phone or wallet.
Walking back to my seat, I noticed the mood lighting. According to United, the colors change during the day to create a calming ambiance and help passengers relax.
I liked the blue hues displayed during my journey, which is a soothing color that likely made it easier for passengers to nap.
After the long transcontinental flight, we finally landed in Seattle around 10:00 a.m. local time. I quickly deplaned and was off to enjoy brunch at the Priority Pass restaurant at the airport.
Landing in Seattle.
Overall, I really enjoyed the flight. The seats were comfortable and I was able to keep all of my electronics charged, which is important for workers on the go.
Not to mention the inflight entertainment available, which helped pass the time. I personally prefer seatback TVs over streaming because I can look forward at the screen rather than down at my laptop.
With the tray table being my only issue, I would happily book a flight on United's 737 MAX aircraft again. The amenity-heavy product easily competes with Delta and American.
United's Boeing 737 MAX plane in Newark.
More: Features Business Visual Features United Airlines United
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2022-07-03T12:35:12Z
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I Flew on United's Boeing 737 MAX 8 in Economy and Loved It; Review
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Elon Musk has promoted Dogecoin on Twitter since 2019 and has helped developers on the platform.
During the GameStop rally, the billionaire helped send Dogecoin from less than 1 cent to 69 cents.
It's unclear how much Musk has personally invested in the meme currency.
The richest man in the world doesn't usually take himself too seriously.
Elon Musk attends the 2022 Met Gala Celebrating "In America: An Anthology of Fashion" at The Metropolitan Museum of Art on May 2, in New York City.
So it's no surprise Musk latched onto the meme currency that is Dogecoin.
The cryptocurrency is the byproduct of a joke between two engineers in 2013.
The Doge meme.
Dogecoin was launched when IBM software engineer Billy Markus and Adobe software engineer Jackson Palmer decided to combine two of 2013's greatest phenomena: Bitcoin, and the doge meme.
Reddit helped Dogecoin develop its own subculture in 2013, but Musk didn't publicly take note until 2019.
It became popular for the internet practice of "tipping," which was a way of repaying people on the web for performing "good deeds," like sharing an idea or making a platform more accessible.
The cryptocurrency has long contributed to a culture that distinguishes itself by a sort of irreverence for institutions like Wall Street.
Elon Musk in a dinner suit at the Met Gala 2022.
NDZ/Star Max / Contributor via Getty
Musk first tweeted about Dogecoin in 2019.
"Dogecoin might be my fav cryptocurrency," Musk tweeted in April 2019. " It's pretty cool."
It's unclear how much Dogecoin Musk owns personally. But, some have speculated he could be the Dogecoin whale who famously holds over 36 billion coins.
Lisa Han/Insider
The digital address could belong to a single person or an exchange, but users speculated it could be Musk when 420.69 Dogecoins were added to the wallet — a nod to one of Musk's favorite jokes.
Dogecoin didn't really take off until 2021 when it followed GameStop's rally.
But, instead of WallStreetBets, it was SatoshiStreetBets. In the group, users said they planned to send the currency "to the moon" — or at least to $1 per coin.
Musk helped lead the charge to send Dogecoin "to the moon."
Cryptooof
The rally came ahead of Musk's appearance on "Saturday Night Live" and amid speculation that a mention of the coin on television could send it even higher.
Prior to the show, Musk had tweeted about Dogecoin multiple times, including a post in January of a "Dogue" magazine that was designed to imitate Vogue.
—Elon Musk (@elonmusk) January 28, 2021
He also posted a meme of himself holding up a Shiba Inu in the style of Disney's "The Lion King" in February 2021.
Musk mentioned Dogecoin on SNL, but it sent the coin lower.
Musical guest Miley Cyrus, host Elon Musk, and Cecily Strong shoot a promo in Studio 8H on May 6, 2021
Rosalind O'Connor/NBC/NBCU Photo Bank via Getty Images
In the sketch, his character says, "it's a hustle."
Musk promised to send Dogecoin to the moon, literally.
"SpaceX launching satellite Doge-1 to the moon next year," Musk tweeted on May 9, 2021.
The satellite will be launched on SpaceX's Falcon 9 rocket as a secondary payload.
Earlier this year, Tesla began accepting Dogecoin as payment for merchandise.
Musk gave his Twitter followers some advice: Don't sell.
Elon Musk says he is a free speech absolutist.
"As a general principle, for those looking for advice from this thread, it is generally better to own physical things like a home or stock in companies you think make good products, than dollars when inflation is high," he wrote. "I still own & won't sell my Bitcoin, Ethereum or Doge fwiw."
Musk's relationship with Dogecoin hasn't always been smooth sailing. In May, one of the meme coin's creators took aim at the billionaire.
In an interview with the Australian news site Crikey, Palmer called Musk a "grifter" and questioned whether truly understood coding.
Palmer said he messaged Musk on Twitter several years ago after creating a bot that could help identify crypto scams on Twitter. During the exchange, he said it became clear that Musk "didn't understand coding as well as he made out." Palmer said Musk didn't know how to run the Python script.
"He sells a vision in hopes that he can one day deliver what he's promising, but he doesn't know that," Palmer said. "He's just really good at pretending he knows. That's very evident with the Tesla full-self-driving promise."
Musk fired back at Palmer.
"My kids wrote better code when they were 12 than the nonsense script Jackson sent me," Musk tweeted on Tuesday about Palmer's code from 2018. "If it's so great, he should share it with the world and make everyone's experience with Twitter better."
The billionaire also said that Palmer "never wrote a single line of Dogecoin code."
In a since-deleted tweet, Palmer called for his fellow dogecoin cocreator, Markus, to respond to Musk's accusation.
But, Musk appears to have a close relationship with Markus on Twitter.
Elon Musk tweeted that the deal was on hold Friday.
"The people after us did exponentially more than either jackson or i did on the code base," Markus wrote on Twitter. "I think i wrote like 20 lines of code and copied the rest."
Markus, who calls himself "Shibetoshi Nakamoto" on Twitter, is often seen tweeting back and forth with Musk.
"You're humble bro," Musk tweeted in response to Markus. "Billy's sense of humor & irreverence is a big part of why people love Dogecoin."
Musk has continued to promote Dogecoin even as crypto has plummeted.
Musk has acknowledged the sell-off, calling it "cryptonight." But, Musk has not stopped supporting Dogecoin. In June, he said he's continued backing the coin because "people who are not that wealthy" have asked him to.
The billionaire was sued for $258 billion over an alleged Dogecoin "pyramid scheme."
"Defendants falsely and deceptively claim that Dogecoin is a legitimate investment when it has no value at all," Keith Johnson said in his complaint, filed Thursday in federal court in Manhattan.
More: Features Elon Musk Tesla SpaceX
Billy Markus
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2022-07-03T12:35:18Z
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History of Musk Love for Dogecoin From SpaceX Mission to Twitter Spat
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https://www.businessinsider.com/history-elon-musk-love-affair-dogecoin-2022-7
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German hospitality startup Raus is putting tiny home cabins in remote destinations near Berlin.
Raus has a roughly 2,600-person waitlist and plans to open in 50 locations by the end of 2022.
Its most recent cabin was fully booked within 48 hours.
Why stay in a five-star hotel surrounded by other guests when you can vacation in a tiny cabin in the middle of nowhere?
If you've been asking yourself this since the start of the summer travel boom, you're not alone.
In October 2021, German hospitality startup Raus began placing cabin rentals in remote locations near Belin, giving city dwellers a nearby reprieve.
Raus hasn't been in operation for a full year yet, but the company is already seeing wild demand and thousands of people on its waitlist, Julian Trautwein, Raus' co-founder, told Insider.
Operating tiny homes in off-grid locations isn't a new hospitality concept.
In the US, companies like Getaway House and Moliving are doing just that, appealing to travelers who are tired of standard hotels and craving a break from cities.
And like other startups thriving in the tiny cabin-turned-boutique hotel space, Raus is seeing plenty of success in Germany.
The rise in local but isolated unique stays is the result of three emerging travel trends: the desire for off-grid, sustainable, and nearby vacations, according to Trautwein.
During COVID-19, more travelers began seeking remote vacations to recharge and unplug from crowded cities.
At the same time, eco-friendly vacations have steadily risen in popularity amid our ongoing climate crisis.
Source: Travel Pulse
And let's not forget about everyone's favorite topic: money.
Inflation and the rising costs of both air travel and gas have recently pushed more travelers to consider nearby destinations.
So it should be no surprise Raus' 10 locations have seen smashing success and nearly nonstop business.
The first cabin was designed in-house and set up in October 2021.
Shortly after, Raus was "overrun" with public interest, Trautwein said.
All of its units have hit over 95% occupancy levels since the rollout of Raus' first cabin.
When the company opened bookings through October for one of its newest builds, travelers booked the cabin out in 48 hours.
And Raus now has an almost 2,600-person waitlist, Trautwein said. Insider verified the waitlist.
To generate all of this hype, the brand relies on two cabin models.
The first accommodates up to two people, while the second — designed with an architecture firm — can fit up to four guests.
No matter the model, all of Raus' tiny homes are based on wheels …
… which decreases the units' impact on the environment and allows the cabins to be moved according to the company's needs.
Raus knows many of its guests are looking to unplug from big cities, which is why its locations are denoted by the level of remoteness and "on-grid" versus "off-grid" on its website.
Source: Raus
"We wanted to create spaces for people to take time off to and take care of themselves," Trautwein said.
The cabins, which are each sustainability built in six weeks, were designed to have a boutique hotel room feel to make a stay "feel like an experience," he said.
The cabins start at €160 (about $167) per night with a minimum two-night stay.
Inside, there are amenities like a queen bed …
… expansive windows for views of nature …
… a kitchen with two stove tops, a refrigerator, and kitchen tools …
… and bathroom with a shower and composting toilet.
If you plan on working remotely during the duration of your stay, the cabin also has a small desk space.
For summertime vacations, there's a terrace for an afternoon bask under the sun.
But when it's winter, vacationers can use the fireplace instead.
To support all of these amenities off-grid, the cabin relies on solar panels and fresh water tanks.
Like New York-based Moliving, Raus' partners with local landowners to open new locations.
In one cabin, you might wake up to views of roaming animals.
In another, you'll have an expansive view of giant lush trees.
There's obviously a big emphasis on off-grid vacationing, but this doesn't mean the units are difficult to access.
Most of Raus' cabins are under two hours from Berlin, making them the perfect vacation destination for city dwellers craving an escape.
Looking ahead, the company already has plans to expand, which was inevitable for a young but thriving hospitality startup that now has minimal availability and a deep waitlist.
"So many people are looking for this new type of travel that is a bit closer to home, mindful, and very sustainable," Trautwein said. "We [thought we] should try to expand it, and that's what we've been doing."
Raus wants to operate in 50 locations by the end of 2022, a massive growth from the 10 units it is currently operating.
Beyond that, it's also considering expanding into nearby countries following an abundance of international interest …
… and is considering the possibility of rolling out more "unique stays" besides cabins.
"We're building a platform that is not only about accommodations, but also about products and services that provide you with a more immersive experience in nature," Trautwein said.
More: Travel Cabin Business Visual Features Hospitality
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2022-07-03T12:35:42Z
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Photos: European Hospitality Startup Is Using Movable Tiny Homes As Hotel Rooms
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I make 6 figures a year as a freelance virtual assistant while living abroad. Here are 3 ways I stay organized to save time and money.
Hannah Dixon became a virtual assistant nine years ago and now makes six figures in income.
She manages her workload and team using a planner, tech tools such as Trello, and "Me First" days.
Here's how she keeps everything organized, as told to writer Robin Madell.
This as-told-to essay is based on a conversation with Hannah Dixon, a 34-year-old virtual assistant in Bangkok. Insider has verified her income with documentation. The following has been edited for length and clarity.
I don't believe there's a "one size fits all" solution when it comes to designing workflows as a freelancer — but we can certainly take inspiration from others.
I became a virtual assistant nine years ago, and now I make six figures a year in profit and manage four other freelance virtual assistants.
Here are three ways I stay organized to save time and money.
1. I use my own customized daily planner
Starting out, I went through tons of planners every year hoping to discover something that worked, to no avail. That's when I realized that it wasn't the "bad" planners' fault — it was just me. I needed to create a unique planning system that worked for me.
I'm someone who's easily overwhelmed, and I wake up every day with a brain racing with thoughts, ideas, anxieties, and an endless to-do list. I recognized that what gave me solace and allowed me to work at my best was to first address all of these things so that they wouldn't bleed into my day and dampen my energy.
So I designed my own simple daily planner called "The Daily Dump." It starts with a written brain dump of everything and anything that's taking my attention — such as a client's needs or doing the laundry.
"The Daily Dump," Dixon's daily planner.
Under the "dump" section, I have four boxes. The first box contains my priorities: Things that need actioning today without compromise. This is ultimately my daily to-do list, which I'll later move into a project-management tool. The next box contains the tasks I can delegate. This could include outsourcing something to another virtual assistant whom I manage or asking my partner to manage a household issue.
In the third box, I discern the things that aren't an immediate priority. (I call this my "Not Today Satan" list because I like to make things fun.) Finally, the fourth box is the "Let It Go List." This is the stuff that deserves no space in my mind, things that don't matter, or ideas I can realistically say will never come to fruition. I honor them momentarily by admitting them to the list.
Once complete, delegation is my first task, followed by taking action on my to-do list with clarity.
2. I manage my time and projects using tech tools
Without project-management tools, I don't think my business would exist.
My personal favorite is Trello for its simplistic kanban-style boards. My team uses various boards for various needs: Our main team overview board in Trello is where our big goals are broken down into manageable steps and team members are assigned tasks relative to their area of expertise. We keep track of all processes, tasks, and important information there, such as standard operating procedures, meeting notes, quick links, and branding templates, so everyone has easy access.
Our launch board includes all assets and steps to execute our launch strategies. A launch strategy is defined A-to-Z steps to deliver a product or service to market.
In my case, I work with people who want to become virtual assistants in order to have more time and money and a location-independent career. Since I've built a wide network over the years, my launch strategy is a bit different for our main product.
Through my community, word of mouth, my newsletter, and affiliate referrals, I run a free five-day program that teaches people the foundations of becoming a virtual assistant. Upon completion, participants are invited to work with me further in my paid and comprehensive virtual-assistant training program, the Virtual Excellence Academy.
Every two to four months, we're able to execute a launch like this with ease — our Trello board being the place we can rely on to detail the entire process and ensure everyone knows how and when to trigger certain actions.
I even use boards for personal projects. I'm in the process of acquiring Italian citizenship through my ancestry, and Trello has been a useful tool for keeping stock of the insurmountable documents, photos, and information needed to do this in a structured way. As a digital nomad, I also use it to detail my favorite things about any given destination so I can pass the information on or refer to it when I return.
One of my favorite time-management tools is Toggl, which allows you to easily track your time down to the second. This is great for billing clients on hourly-based projects, and it can be a great tool for identifying when you work best. Knowing what time of day you're most efficient — and knowing, generally, how long it takes you to complete certain tasks — will help you schedule your days better.
I also use time blocking, which is especially helpful if you're working with multiple clients. Time blocking allows you to set aside distinct blocks of time throughout your days and weeks where you work on specific clients' projects only. This can help you stay better focused instead of jumping in and out of tasks that require different ways of thinking.
3. I set aside 'Me First' and 'CEO' days
One of my favorite organizational hacks is to take the first two days of the month for what I've termed "Me First Day" followed by "CEO Day."
Me First Day means putting myself first every first of the month. On this day, I take intentional time to treat myself to a new haircut, a meal out, a long bath, a massage, or perhaps all of the above. You can easily forget that the very thing that can become the bottleneck in your business is you, so taking care of yourself above all else will allow for smoother sailing and better ideas.
On a daily basis, I also take intentional work breaks using a variety of modalities to support me. Most recently, I've been taking breaks in VR.
"CEO Day," on the second of every month, is a day where I report to no one but myself. No one can book a call with me, I'm not required to be anywhere, and on this day I do these tasks:
Plan the month ahead in my project-management tool
Take a closer look at financials and set goals
Pay everyone who needs paying
Write notes for my team's monthly call
Close up any unfinished business from the month prior
Take time to learn anything I've been wanting to learn to support my goals
It's really an opportunity for me to feel caught up and emotionally ready to kick-start a new month with clarity and direction. Since implementing these two days, I find myself less likely to fall prey to distraction or veer off course with projects that aren't priorities.
More: Careers Freelancing Virtual assistants Virtual Assistant
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3 Ways a 6-Figure Freelance Virtual Assistant Stays Organized
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Despite recession fears and hiring freezes, job opportunities remain hot for recent grads — especially those with ideas for innovating out of the labor shortage and supply-chain crisis
Reed Alexander, Catherine Henderson, and Rachel DuRose
Experts say new grads are benefiting from the tailwinds of a strong jobs market despite mounting worries about a recession.
High-profile hiring freezes in the tech industry raised alarms about the health of the job market.
But career counselors at universities nationwide insist grads are still getting hired.
A dozen counselors offered their takes on hiring prospects and what graduates should expect.
For many new college grads, the summer's hazy afterglow of no more studying, exams, or group projects is counterbalanced with the pressure of the all-important job search.
This year, the economy is adding a layer of complication as recession fears are mounting.
Insider interviewed a dozen college career counselors and undergraduate professors to get their takes on how the job market is holding up for recent grads. The 12 experts acknowledged that the hiring outlook could change depending on the course of the global economy but agreed that the pain some companies have warned of has not trickled down to undergraduate-level recruiting.
Schools are still collecting data about employment outcomes for members of the class of 2022, but career advisors are already feeling bullish about their students' progress in landing full-time roles across numerous industries. Plus, they added, some current undergrads are fielding multiple offers for internships.
"We are not really seeing a hiring freeze on our end," said Ginny Rae Turner, the director of career services at the University of West Georgia, about an hour's drive from Atlanta. "Employers are still reaching out to us."
Turner's colleague William Smith, the chair of the economics department at the university's Richards College of Business, said a likely slowdown in the economy would be unlikely to result in the same widespread layoffs of the Great Recession , "where we had basically entire sectors that were decimated."
Bright spots amid the doom and gloom
Ivette Mekdessi, the assistant director for career development at Rice University in Houston, said she was aware of just one student from the class of 2022 who had an offer rescinded during the wave of layoffs and hiring freezes that swept the tech industry this spring at companies like Uber, Meta, Coinbase, and Robinhood.
Meanwhile, Wall Street firms like JPMorgan and Wells Fargo have cut staff. And amid volatility in the stock market, industry experts have predicted that layoffs are likely for some investment bankers.
While that's prompting anxiety about graduates' hiring prospects, recent data suggests those fears haven't materialized.
Employment among new grads appears to be climbing after taking a tumble during the coronavirus pandemic. The National Association of Colleges and Employers found that just half of grads who left college in 2020 said they'd gone on to secure full-time work some six months after receiving their degree. A recruiting-trends report from Michigan State University published last fall forecast a 15% increase over the prior year in the hiring of people with bachelor's degrees. And, in a survey conducted this spring, employers told the NACE that they intended to recruit nearly 32% more new grads than last year.
Despite hiring freezes at some large tech firms, those seeking to break into the field may find they're in for some good news: Research suggests they may not have to wait as long for the tech industry to regain strength.
A report published in December by researchers at the National Bureau of Economic Research in Massachusetts found that people working in STEM fields — science, technology, engineering, and mathematics — were likelier to bounce back sooner and saw jobs numbers recoup faster than those in non-STEM fields in the wake of two financial crises: the short-term crash in 2020 unleashed by the coronavirus pandemic, and the Great Recession more than a decade ago.
The researchers concluded that one reason behind the rebounds was that tech workers demonstrated an ability to easily transition to remote work, an arrangement that has proved productive for companies over the past two years.
Experts forecast continued demand in sectors like nursing, hospitality, and education
Experts also said hiring activity is pushing full steam ahead in plenty of other sectors. There were more than 11 million job openings available each month throughout the first quarter of the year, though many were in fields that don't require four-year degrees.
Mark Lacker, a clinical professor of entrepreneurship at Miami University in Oxford, Ohio, said that, among jobs that do require college credentials, positions emphasizing innovation will continue to be in high demand.
"For all those industry sectors that may be pausing because of the uncertainty, there are others that are more innovative or more growth-minded" where hiring is expected to continue, said Lacker, a member of the faculty at the university's Farmer School of Business.
Angie Kamath, the dean of the School of Professional Studies at New York University, agreed that innovation is top of mind for employers right now. Kamath said the school established an innovation hub within its Tisch Center of Hospitality where students are working to address real-life complications such as labor shortages and supply-chain snags.
Kamath said they've found solutions for streamlining conventional parts of the hospitality business — like cleaning rooms or running a food and beverage service — through technology. And that forward-thinking approach could benefit job candidates if a downturn cuts into travel spending and tightens the hospitality labor market.
Turner, of the University of West Georgia, said that nursing is another big source of hiring right now. She said that, like other aspects of healthcare, the nursing industry is eager to fill openings after suffering attrition during two exhausting pandemic years.
Denisa Metko, a director of experiential learning at Rollins College in Winter Park, Florida, said fields that are generally always hiring, such as education or nonprofits, may also present grads with attractive prospects during a downturn.
"I don't anticipate them feeling some of the burdens that perhaps some of the tech companies may be feeling," she said.
'There are employers out there, and they are looking'
Some experts said their students feel fatalistic about the jobs market over the next six to 12 months and worry that the window to get a job is rapidly closing.
Wanda Gibson, an assistant dean of the career-development office at Pomona College in Claremont, California, said that, even in the face of negative headlines, it's too soon to start stressing.
"Don't panic, because there are employers out there, and they are looking," she said. "I'd also say for students to do their research and don't jump at the first job that's offered to you just because you think you have to take it and you're scared that nothing else is going to come along."
Lacker said that confidence to hold off from saying yes to employers immediately is giving some students the upper hand.
"What students are really trying to do is weigh the difference between taking an offer for an internship for the summer and taking something that is genuinely of interest to them," he told Insider. "It is not unusual at all for students to seek and field offers from different organizations to see which one feels more like them, something they'd be more interested in."
In the past year, each of Lacker's roughly 40 entrepreneurship students received an offer for a 2022 summer internship, he said, and some even had the good fortune of getting to choose between multiple opportunities. He doesn't see that cadence slowing down.
Most experts said that while they were cognizant that tough economic times could lie ahead, they don't foresee the jobs carnage of the Great Recession making a comeback.
"There's a lot of noise right now in every direction — just a lot of conflicting information," Mekdessi said. "I definitely encourage students to be aware of what's happening and identify what they want and what's going to help them get there."
Are you a job seeker or recent graduate navigating the current hiring market? Contact these reporters to share your experience. Reed Alexander can be reached at ralexander@insider.com. Catherine Henderson can be reached at chenderson@insider.com. Rachel DuRose can be reached at rdurose@insider.com.
More: Class of 2022 recession outlook hiring freezes
New York Univerisy
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2022-07-03T14:03:36Z
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2022 Jobs Market Strong for Grads Despite Recession Fears, Hiring Freezes
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https://www.businessinsider.com/hiring-market-new-graduates-post-great-resignation-tech-layoffs-2022-6
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https://www.businessinsider.com/hiring-market-new-graduates-post-great-resignation-tech-layoffs-2022-6
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Jesse Smith created The Tadpole Interleukin NFT after being inspired by a walk in the forest.
Facebook NFT posts with the "digital collectible" label do not link to marketplaces to purchase.
NFT sales have plunged from $12.6bn in January to about $1bn in June, The Guardian reported.
One person testing it out said it was like uploading a photo and doesn't know what comes next.
Facebook started trialing NFTs as posts with a "digital collectible" label this week in a bid to expand its efforts in the metaverse.
Meta announced in June that it would broaden testing of digital collectibles to Facebook and at a later date on Instagram with augmented reality platform SparkAR.
Meta's trial with a small group of US creators comes as NFT sales have plunged to the lowest levels in a year. NFT sales plummeted to close to $1bn in June, down from a peak of $12.6bn in January, the Guardian reported.
Research from crypto market data firm Chainalysis show that was significantly lower than the same period last year when sales amounted to $648m.
Jesse Smith, 45, from Richmond, Va., is one of 10 creators to try the new feature. The NFT creator does not receive any money from Facebook to post his NFTs on the platform.
"It's exciting, but I've not fully wrapped my head around what it means because Facebook hasn't communicated what will happen," Smith said. "I don't know if they understand what's happening as the world hasn't fully caught on to NFTs yet."
The Facebook post displays a photo of the NFT, but there is no direct link to connect it to the OpenSea exchange for purchase. Smith chose to post a link to it in the comments section.
The tattoo artist said it was like posting a normal photo but the company gave him the option to click a 'digital collectible' button when uploading.
"I don't know why they chose me, they told me I had the audience demographic and checked all the boxes for things they were looking for," he said.
The social media giant announced Friday that in September it is closing down its pilot cryptocurrency wallet, Novi, amid a downturn in the digital asset market.
The platform was trialing crypto payments through the Facebook-backed Diem cryptocurrency, but had to scrap those plans. The chief executive of Diem said in a statement in January that it became apparent from talks with federal regulators that it couldn't move forward with the project.
Facebook currently still supports digital collectibles held on the Ethereum, Polygon and Flow blockchains, the website says.
Meta did not immediately respond to Insider's request for comment.
More: Facebook Meta NFTs Metaverse
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2022-07-03T14:03:54Z
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Meta Testing NFTs As Facebook Posts in Zuckerberg's Metaverse Push
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https://www.businessinsider.com/meta-trials-first-nfts-facebook-posts-2022-7
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Ben Winck and Joseph Zeballos-Roig
Sky-high inflation will likely keep the government from passing stimulus amid a recession in 2023.
Several economists argue that pandemic-era stimulus lifted demand and drove prices higher.
Republicans are likely to take some control of Congress in November, further dimming stimulus hopes.
For the last quarter-century, the federal government has stepped in with some kind of emergency relief when the economy is in the tank. The next recession will likely break from that trend.
The dot-com crash of 2001 saw the Bush administration send $300 stimulus payments to tens of millions of households. Amid the 2008 financial crisis, the Federal Reserve slashed interest rates to historic lows and buoyed financial markets. Then, in 2009, former President Barack Obama's first major piece of legislation was an $830 billion package to mitigate the worst of the Great Recession.
The response in 2020 — as the coronavirus thrust the US into a sudden shutdown — saw the Fed and Congress support the economy with low rates, emergency lending programs, bigger stimulus checks, and boosted unemployment benefits.
Now, as a growing number of economists see another downturn on the horizon, a similar degree of government help isn't expected — even with inflation at 41-year highs. That's because the looming recession will be one engineered by policymakers in an effort to combat inflation and its causes, leaving big federal relief efforts unlikely.
Not helping matters is the fact that pandemic-era stimulus has recently come under scrutiny for fueling today's inflation.
"Democrats setting policy on party lines decided on trillions of dollars in reckless spending," Senate Minority Leader Mitch McConnell said in a floor speech that touched on inflation earlier this month.
Economists are slower to pin full blame on stimulus, citing other factors like Russia's invasion of Ukraine and tangled global supply chains. Still, decades-high inflation might be enough to dissuade even Democrats from pushing aggressive stimulus.
Another headwind to further relief is the fact that Republicans are expected to retake at least one chamber of Congress in the midterms. That would put into power a party that's already been outspoken about avoiding new spending.
These factors are coalescing at a time when the US looks headed for a recession sometime in 2023. Economists fear that the Fed's fastest pace of rate hikes in nearly three decades will slam the brakes on economic growth, freezing spending, hitting corporate revenues, and resulting in layoffs.
Still, the low likelihood of further stimulus may not matter if the economy avoids a recession, or only sees a mild one — a forecast held by a range of high-profile pundits.
Goldman Sachs wrote on June 20 that there's only a 30% chance the economy slides into a downturn in the next year. JPMorgan holds a similarly rosy outlook, though sees a higher chance of a slump over the next two years.
"There's a lot of reasons to believe that it would be a mild recession," Jason Furman, a former top economist to President Barack Obama, recently told Insider. He cited the savings many American households built up during the pandemic and the absence of stresses on the financial sector.
More: Economy Recession recession outlook economic outlook
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2022-07-03T14:04:06Z
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Next Recession: Stimulus and Boosted Unemployment Benefits Unlikely
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https://www.businessinsider.com/next-recession-stimulus-checks-boosted-unemployment-benefits-inflation-risk-hits-2022-6
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https://www.businessinsider.com/next-recession-stimulus-checks-boosted-unemployment-benefits-inflation-risk-hits-2022-6
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Piles of luggage at British Airways' Heathrow home at Terminal 5.
Some British Airways passengers are waiting days to be reunited with their luggage.
Adam Kent told Insider: "Abandoned luggage was left unsecured and could easily be stolen."
The airline said bags on the vast majority of flights are being returned to customers as normal.
Some passengers at British Airways' home terminal at Heathrow airport in London have been waiting days to be reunited with their luggage as travel chaos continues on both sides of the Atlantic.
Piles of suitcases have mounted at Terminal 5 as air travel continues to prove challenging following a spate of flight delays and cancellations due to staff shortages and high demand.
A luggage mountain has continued to grow at the terminal. Adam Kent, who landed on Saturday, told Insider: "Staff were nowhere to be seen, everyone was pretty shocked. Abandoned luggage was left unsecured and could easily be stolen."
He added: "There was no duty of care shown to passengers' possessions."
Luggage continues to pile up at Terminal 5.
One British Airways passenger had to buy new clothes after being told that her luggage was lost.
Hannah Royle was still traveling from Heathrow to Bologna on June 26 when the airline emailed to say her luggage was not put on the plane.
A week later she is still waiting to get back: "I did have to buy some clothes, but because our flight was short haul, British Airways are putting a limit of €250 ($260) on how much we can claim back."
On Sunday BA told Royle that her bag was lost after making multiple attempts to reach customer service. "I'm trying to be positive about it but it is incredibly annoying as I go home tomorrow and lots of the items in the suitcase I need for work," she said.
The university student and part-time carer was traveling to Bologna with a friend and family members for a cruise. She said she spent about €250 ($260) on new clothes and toiletries.
"Fortunately my friend and I are similar sizes and we had duplicates of toiletries so we could share," she said.
British Airways said it is working with several courier companies to deliver luggage to customers as quickly as possible.
More: Weekend BI UK Airports Heathrow travels
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2022-07-03T15:38:47Z
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BA Passengers Wait Days for Their Bags Amid Heathrow Luggage Mountain
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https://www.businessinsider.com/british-airways-wait-days-bags-heathrow-luggage-mountain-2022-7
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A rocket launcher shoots missiles during tactical and special exercises with scouts of the Guards Tank Army of the Western Military District at the Golovenki training ground in the Moscow region, Russia, on January 28, 2022.
Russian Defence Ministry / Handout/Anadolu Agency via Getty Images
Ukrainian missiles hit the Russian border city of Belgorod, Russian officials said.
Officials said at least three people have died.
Additionally, they said several residential buildings were destroyed.
At least three people were killed after a Ukrainian missile attack in the Russian border city of Belgorod, regional Governor Vyacheslav Gladkov said in a Telegram post.
Gladkov blamed Ukraine for the attack that also damaged at least 11 apartment buildings and 39 private houses. Five of the buildings were destroyed, Gladkov said.
In a Telegram post, Russian Defense Ministry spokesman Igor Konashenkov said Russia destroyed three missiles that were launched at Belgorod but fragments had hit residential buildings, and two missiles launched at the city of Kursk were also destroyed.
"I emphasize that this missile attack had been intentionally planned and was launched at civilian population of Russian cities," Konashenkov said.
Ukraine has not yet commented on or claimed responsibility for the attack.
"The death of civilians and the destruction of civilian infrastructure in Belgorod are a direct act of aggression on the part of Ukraine and require the most severe – including a military – response," Senior Russian lawmaker Andrei Klishas wrote on Telegram, CNBC reported.
Last week, a pair of Russian missiles hit a shopping mall in Kremenchuk, Ukraine, with as many as 1,000 civilians inside. At least 18 people were killed.
Ukrainian President Volodymyr Zelenskyy said Russia hit the shopping center because it was "angry" that Ukrainians were trying to carry on with normal lives.
Ukrainian Prosecutor-General Iryna Venediktova said Russia's military has been "systematically shelling civilian infrastructure with the aim to scare people, to kill people, to bring terror to our cities and villages," the Associated Press reported.
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Russia Blames Ukraine After Missile Killed Several People in Belgorod
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Fourth of July sales are here: Save big on appliances, outdoor gear, and more.
Big-box retailer sales
Mattress and bedding deals
Kitchen and furniture sales
Tech and entertainment deals
Happy Independence Day, everyone! We hope you're enjoying the weekend. If you find yourself scrolling for a hot deal ahead of Prime Day (which is coming up on July 12 and 13), you've come to the right place.
Right now, you can find big discounts on air conditioners, apparel, mattresses, beach gear, and outdoor gear during the 4th of July. Of course, those aren't the only things getting discounted. Below, you'll find our guide to the best sales and deals in every category happening across the internet, plus answers to frequently asked questions.
The best 4th of July deals: Editor's picks
The Solo Stove is one of the most popular fire pits on the market because it’s designed to significantly reduce smoke, making s’mores nights even more enjoyable.
$219.99 from Solo Stove
Easy to install, Google's Nest Hello supports streaming video and two-way conversations. A Nest Aware subscription adds video recording, AI-powered motion detection, and facial recognition. This is one of our picks for the best video doorbells. Right now, it's selling for $50 less than or more usual at multiple retailers.
Vivere Double Cotton Hammock
A free-standing hammock is always a good idea. A better idea when it comes at this price.
The Company Store Conscious Down Alternative Comforter (Queen)
The Company Store Conscious Down Alternative Comforter is made from environmentally friendly materials like recycled bottles and Tencel lyocell, yet it feels nearly identical to a regular down comforter. It's discounted right now with promo code JULY4.
Use the promo code JULY4 at checkout.
$207.20 from The Company Store
The Roku Express 4K+ offers 4K and HDR streaming for an affordable price. It's even more affordable right now with a $10 discount from Amazon.
The easy to use Thermapen, won our top spot for best meat thermometer overall in our guide to the best meat thermometers. The Thermapen has several useful features such as its backlight, and sleep and wake modes.
$78.75 from ThermoWorks
Best Buy/Facebook
Bed Bath and Beyond: Get up to 50% off sale and clearance.
The Home Depot: Save during The Home Depot's Summer Savings event.
Lowe's: Save on tools, grills, decor, and more during the July Fourth Values sale.
Macy's: Get up to an extra 20% off select sale items with the promo code FOURTH and $5 Same-Day Delivery until July 4.
Walmart: Save big on summer picks including grills, kids' toys, and coolers.
Tuft and Needle: Get up to 15% off mattresses.
Houzz: Sitewide Fourth of July sale.
Nutribullet: Get 20% off juicers with promo code JUICE through July 4.
Samsung: Save with special offers on appliances through July 4.
Society6: Get up to 40% off everything during the Fourth of July sale.
Thermoworks: Save on the Thermapen, Wand, and more with Thermoworks' Holiday Specials.
Hanna Andersson: Get up to 60% off.
Kendra Scott: Get 20% off through July 5.
Levi's: Get an extra 50% off sale styles through July 11.
M.Gemi: Get up to 70% off hundreds of styles through July 5.
Proof: Save 20% off all products through July 5 (excludes bundles and gift cards) with the promo code FOURTH.
Backcountry: Get up to 50% off gear, apparel, and accessories.
Biolite: Get 20% off sitewide.
Body Glove: Get up to 25% off select gear and apparel with promo code JULY25.
Carbon38: Get up to 25% off.
Prana: Get up to 30% off select styles.
REI: Get up to 30% off outdoor gear and equipment.
Phil Barker/Getty Images
Independence Day celebrates the signing of the Declaration of Independence in the US. This year, the 4th of July lands on Sunday but many will observe the holiday with a day off tomorrow on Monday, July 5.
Americans typically spend the long weekend with fireworks, grilling, and travel.
What items are on sale during the Fourth of July?
The 4th of July often brings discounts on appliances, grills, beach gear, outdoor furniture, and apparel. A good rule of thumb: If a product is associated with summer, it'll likely see a discount during Independence Day weekend.
So if you're in the market for a new air conditioner, patio set, or a pair of sunglasses, pay attention to Fourth of July sales.
Are Fourth of July sales worth shopping?
Though you won't find the same lows we saw during Amazon Prime Day, retailers big and small turn up to offer discounts for the 4th of July.
We often see site-wide sales from tons of apparel brands during the 4th of July. While the discounts are rarely better than holidays like Black Friday or Cyber Monday, there are more chances to save a little on a lot of products.
How long do 4th of July sales last?
The 4th of July sales began almost immediately after Amazon Prime Day this year, and we're seeing tons of discounts on everything from apparel to tech.
For the most part, retailers have discounts through July 4, but some are extending their holiday sales until July 5. A select few are holding out even longer than that.
What items should I skip buying this 4th of July?
Tech items, like laptops, tablets, and smart home speakers, saw much better prices during Amazon Prime Day compared to sales happening now. These items are also likely to see better prices in the coming months for back-to-school shopping, and during Black Friday and Cyber Monday in November.
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Best 4th of July Deals 2022: Shop the Best Sitewide Sales
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https://www.businessinsider.com/guides/deals/4th-of-july-sales-and-deals-2022-7
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US Army Rangers run through a wall of fire training in 1943.
The ropes and ladders the Rangers used to scale the cliffs of Point du Hoc, seen in a photo released on June 12, 1944.
US troops relieve the US Army Rangers at Pointe du Hoc as German prisoners are led away, June 8, 1944.
Archives/Wikimedia Commons/Public Domain
US Army Rangers who participated in the raid on the Cabanatuan prison camp to free Allied prisoners of war, February 16, 1945.
US troops liberated from Cabanatuan prison by US Army Rangers wait for transfer to a base hospital.
NOW WATCH: ARMY RANGER: This is how we're different from the Navy SEALs
More: U.S. Army US Army Rangers Pointe du Hoc D-Day
Congressional Gold Medal
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Army Ranger Veterans of World War II Receive Congressional Gold Medal
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https://www.businessinsider.com/army-ranger-world-war-ii-veterans-receive-congressional-gold-medal-2022-6
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Katie Boon and Huileng Tan
Some Chinese real-estate developers are accepting crops as down payments to help boost sales.
People can pay up to $23,900 of the down payment using wheat, priced at $0.30 per 21 ounces.
In China's depressed real-estate market, desperate developers are accepting wheat and garlic as down payments for rural properties to boost sales.
To boost sales, property developer Central China Real Estate is offering a "swap wheat for house" promotion for homes in Minquan County, Henan Province, CNN reported, referring to a now-removed ad on the company's official WeChat account. Priced at RMB2, or $0.30, for every catty (21 ounces), buyers can pay up to 160,000 yuan, or $23,900, of their down payment with wheat. Prices of houses in the development range from RMB600,000 to RMB900,000.
The marketing strategy is not limited to one developer: Two other developers in the eastern Chinese cities of Nanjing and Wuxi were accepting watermelons and peaches from farmers according to state-run media outlet China News Weekly.
More: insider asia China Real Estate Markets
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2022-07-04T08:21:13Z
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Desperate Chinese Real-Estate Developers Take Crops for Down Payments
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https://www.businessinsider.com/china-developers-accepting-wheat-garlic-farmer-down-payments-homes-2022-7
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Burnt out on quant trading and Chicago winters, Danny Jachowski quit to invent new pricing models in the stodgy insurance world
Danny Jachowski left Jump Trading in search of a new challenge.
Danny Jachowski
Danny Jachowski left Jump Trading to make an impact — and to escape Chicago winters.
He joined a startup developing better risk and pricing models for insurance using AI.
"I bought into the vision that the insurance industry is outdated and there's not a lot of impetus to change," said Jachowski.
To some, it might've seemed like an odd move: Leaving Jump Trading, a premier name in proprietary trading, and joining a startup that didn't even have a name.
But Danny Jachowski had his reasons. For one, nearly a decade of Chicago winters had worn on him and the Maui-raised and Stanford-educated machine learning expert wanted a less bone-chilling climate.
More importantly, Jachowski was growing bored with the lucrative but Sisyphean world of quant trading and was itching to tackle something that could have a greater impact on society.
"You go in every day and you're solving the same problem. You're trying to predict where the price of X will be on a time horizon," Jachowski said. "It just became a little stale."
Initially, he'd found the work energizing. He'd started out at Jump in 2010 as an algorithmic trader, following fellowships at prestigious machine-learning labs at the University of Michigan and Stanford. Whereas the nature of success in academic research was nebulous, Jachowski was taken with the rapid, real-time feedback loop in high-frequency trading.
He quit his master's degree a few courses shy of graduating to join Jump.
"That's what took me into trading. There's an opportunity to measure your success in a real way," he said. It didn't hurt that his older brother already worked at the young trading company and could vouch for it.
But after success in a variety of roles across development, research, and operations, he decided in 2019 to call it quits and search for new challenges.
A robotics enthusiast, autonomous driving intrigued him. But the stakes were grave — an error could mean blood on your hands.
Then, he connected to a nameless startup that would eventually be called BlueNote AI.
Based in Austin with backing from Thomas Tull, the billionaire businessman and founder of film studio Legendary Entertainment, BlueNote was looking to build a modern platform for pricing business insurance risk.
In theory, identifying new and more precise risk characteristics by applying machine learning techniques to caches of alternative data could unlock savings and efficiencies. But insurance companies are heavily regulated and don't have as much incentive to rock the boat with innovation.
They needed an AI whiz, and the opportunity resonated with Jachowski.
Location? Check. Austin's hospitable weather and startup scene fit the criteria for Jachowski and his husband, who also worked in tech.
New challenge? Check. Jachowski would need to tap the full suite of statistics and engineering capabilities to help develop pricing models that outstripped insurance actuaries.
"I bought into the vision that the insurance industry is outdated and there's not a lot of impetus to change," said Jachowski, who joined what would become BlueNote AI at the start of 2020 as head of artificial intelligence.
As it turned out, the company name was short-lived. BlueNote's first customer was insurance brokerage Acrisure, which liked the prospects of the startup so much that it acquired the company, along with another insurance subsidiary owned by Tull, in July 2020 after only eight months in operation.
"They wanted to build out their technology division, and I think they saw us as a reasonable target," Jachowski said.
As with Jump, Jachowski has taken on several roles with Acrisure since the buyout. Most recently, he's gotten back to his Wall Street roots, helping build asset portfolios as head of AI at Acrisure Capital Management, a new investment advisory subsidiary.
More: Quant trading Quant Wall Street
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2022-07-04T09:54:52Z
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Danny Jachowski Left Quant Trading to Bring AI to Insurance
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https://www.businessinsider.com/danny-jachowski-left-quant-trading-to-bring-ai-to-insurance-2022-5
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https://www.businessinsider.com/danny-jachowski-left-quant-trading-to-bring-ai-to-insurance-2022-5
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Hundreds of space and aviation startups are at risk of crumbling as VCs warn them to 'plan for the worst'
Archer Aviation is one of hundreds of startups in urban air mobility trying to bring the first "flying car" to market.
VC firms are being much more selective in which startups they invest in amid rising interest rates.
Many aerospace startups rely heavily on VC money, as they're years away from revenue.
Those that went public via SPAC are especially vulnerable right now, experts say.
As venture capital firms tell their portfolio companies to conserve cash ahead of anticipated economic turbulence, aerospace industry experts are warning that hundreds of startups are at risk of crumbling. Many young outfits working to deliver innovative new technologies — like electric vertical take-off and landing vehicles and commercial supersonic flight — rely heavily on VC money to stay afloat, since they're typically years away from generating enough revenue to keep themselves going.
Y Combinator, a VC firm that invests in a number of aerospace startups, including Relativity Space, Boom Supersonic, and multiple eVTOL startups, warned its portfolio companies in May to "plan for the worst," according to Crunchbase.
'The day of the SPAC is over'
Aerospace startups that went public via SPAC , including urban air mobility startups Joby Aviation and Archer Aviation, are in an especially vulnerable position right now, said Brian Foley, founder of boutique aerospace consulting firm Brian Foley Associates.
Many have seen their stock prices tumble, and a falling stock price makes raising future capital much harder. Archer, for instance, debuted at $10 when it went public in August 2021, and was trading at $3.04 at the end of June.
"The day of the SPAC is over, and some aerospace companies which were publicly listed in the last couple of years will wither away," Foley said.
Many VC-backed aerospace startups are "so cash flow-dependent that if it misses one investment check or the next round, it's just done. There's not enough resources to keep it going," Foley said.
'Survival of the fittest'
Experts agree that the urban air mobility sector, which is made up of more than 250 heavily VC-backed startups, is likely to see the most fallout.
"This will be the year of reckoning for the urban air mobility sector, as rising interest rates have turned off outside investment spigots," Foley said.
He expects to start seeing "some pretty significant fallout"' in the second half of this year and into next.
"Particularly if there's a recession too, investors are going to want to preserve cash and not be betting on designs drawn on the back of a napkin," Foley said. "You're going to be a lot more selective."
Richard Aboulafia, managing director of aerospace consulting firm AeroDynamic Advisory, told Insider he expects a single digit number of urban air mobility startups to survive.
"Is there room for startups and experimenting? Yes. On the scale, we're seeing? No," Aboulafia said.
On the bright side, the startups that remain will be able to start taking some of the market share that's been diluted by the weaker players.
"It's kind of a sort of survival of the fittest right now," Foley told Insider.
More: Transportation Aerospace Startups
eVTOLs
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2022-07-04T09:54:58Z
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Space, Aviation Startups Risk Crumbling As VCs Pull Back
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https://www.businessinsider.com/hundreds-of-aerospace-startups-at-risk-of-crumbling-vc-funding-2022-7
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Supporters of former President Donald Trump demonstrate in front of the Arizona State Capitol in Phoenix, Arizona, in 2020.
Olivier Touron/AFP via Getty Images
Two top election officials in Yavapai, Arizona, abruptly quit their jobs.
They said they were leaving after threats from Trump supporters denying the 2020 election results.
Election officials around the US have been under attack since Trump claimed the election was fraudulent.
Two top Arizona election officials abruptly quit their jobs before the state's primary elections, citing continuous threats from former President Donald Trump's supporters after the 2020 elections, multiple reports say.
Leslie Hoffman, the elected county recorder in Yavapai County, said on Friday that she was stepping down later this month after facing two years of "nastiness" from election deniers, The Washington Post reported.
Hoffman said elections director Lynn Constabile, who had worked for the county for 18 years, was leaving for the same reason, The Post reported. Constabile did not immediately respond to Insider's request for comment.
Election officials across the country had been under attack after Trump lost the 2020 president election and falsely claimed that it was fraudulent. However, Trump had won Yavapai County in 2020.
Hoffman said, according to The Post: "I'm a Republican recorder living in a Republican county where the candidate that they wanted to win won by 2-to-1 in this county and still getting grief, and so is my staff."
Hoffman accepted another job outside the county, ABC 15 Arizona reported. She said the abuse she received after the 2020 election prompted the local sheriff's department to provide her with security, the outlet reported.
"The threats I have, the sheriff patrols my house periodically. It's getting to be a lot and when the job offer came, I took it," she said, ABC 15 Arizona reported.
Hoffman and Constabile's resignations come weeks before the state's primaries, which start on August 2. Early ballots are set to be mailed out next week.
Hoffman told The Post she was confident the primaries would run smoothly, and that remaining staff are "going to be very diligent on researching anybody that they would consider to appoint."
While Trump won Yavapai County in 2020, President Joe Biden ultimately won the state of Arizona, which was once a Republican stronghold.
Last month, a former Georgia election worker testified at the January 6 committee's public hearing about the attacks she and her family received after Trump's loss.
Wandrea "Shaye" Moss, who is Black, said she received violent and racist threats from a group of election deniers, which forced her to leave her job, hide her identity, and live in Airbnbs for two months at the FBI's recommendation.
"I felt horrible," she told the panel. "I felt homeless. I can't believe this person has caused this much damage to me and my family to have to leave my home."
More: News UK Trump 2020 election
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2022-07-04T11:26:49Z
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2 Arizona Election Officials Quit, Cite Threats From Trump Supporters
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https://www.businessinsider.com/2-arizona-election-officials-quit-trump-supporters-threatened-2022-7
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Screengrab from the hacked Twitter of the British Army
The British Army's YouTube and Twitter accounts were hacked on Sunday.
Hackers posted videos about cryptocurrencies and Elon Musk, and retweeted NFT promotions.
The British Army has confirmed that their accounts are now secure, and an investigation is ongoing.
The YouTube and Twitter accounts of the British Army were hacked on Sunday with hackers posting about NFTs and sharing a video of Elon Musk.
Hackers changed the name of the Army's Twitter account to "BAPESCAN," a reference to the 'Bored Ape Yacht Club', a non-fungible token (NFT) series.
The hackers also changed the description of the official Twitter account to, "#1 metavesto clan on the ETH chain with multi-billion dollar experience. Powered by @chaintchlabs," according to The Guardian.
At another point during the hack, the British Army's Twitter description read, "We all have a dark side ||| What will yours look like? ||| An nft collection created by @tmw_buidls," as recorded by cached webpage capture website The WayBack Machine.
The account then retweeted a series of promotional tweets related to NFTs, or digital artworks, logged by The WayBack Machine.
As well as disruption to its Twitter, on Sunday the Army's YouTube channel information was changed to the name and logo of Ark Invest, an investment management firm. The firm did not immediately respond to Insider's request for comment.
There is no suggestion that Ark Invest was involved in the hack in any way.
The hacked YouTube account posted several purported interviews with Tesla founder Elon Musk promoting cryptocurrencies, The Guardian reported. A screenshot from Sky News shows a number of videos with titles like "Big News — Ethereum & Bitcoin Will Explode in 2022! ARK Invest with Elon Musk" on the Army YouTube page.
A spokesperson for the British Army confirmed to Insider that an investigation is still ongoing, adding that the social accounts are secure again. As of Monday morning, both accounts appear back to normal, Insider found.
"We take information security extremely seriously and whilst we have now resolved the issue an investigation is ongoing and it would be inappropriate to comment further," the spokesperson said.
Crypto scams have become an increasingly popular outcome of account hacks.
In July 2020, the accounts of several prominent figures including Microsoft founder Bill Gates and musician Kanye West requested cryptocurrency donations after being hacked.
They can often be an effective way of spreading malware and a gateway into accessing more information on the hacking victim's digital footprint, according to the non-profit Identity Theft Research Center.
More: Elon Musk Cryptos NFTs British Army
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2022-07-04T11:27:01Z
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British Army's Twitter and YouTube Hacked, Posts Fake Elon Musk Videos
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https://www.businessinsider.com/british-army-twitter-youtube-hacked-pranksters-post-elon-musk-videos-2022-7
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https://www.businessinsider.com/british-army-twitter-youtube-hacked-pranksters-post-elon-musk-videos-2022-7
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Russian President Vladimir Putin; German Chancellor Olaf Scholz.
Hamburg's environment senator said the city could set limits on when people can use hot water.
Jens Kerstan told Welt am Sonntag that this could happened in the case of an "acute gas shortage."
Germany is scrambling to plug the gap in energy supplies after cutting its dependence on Russian gas.
"We are in a much worse crisis than most people realize," Kerstan said in a separate interview with the Hamburger Abendblatt on Sunday. He urged people to take shorter showers, avoid full baths, and install modern thermostats and water-saving shower heads.
"The more we save now, the better the situation will be in winter because the stores will fill up," he told the Hamburger Abendblatt, speaking about reducing demand for natural gas.
Western nations have been moving to pivot from Russian energy sources after the country invaded Ukraine in late February. Some have imposed sanctions on Russia's energy sector in an attempt to cut off funding to its military, while Russia itself has cut off some gas supplies to countries including Germany over their refusal to pay in rubles.
Germany's economy and climate ministry said that it previously imported around 55% of its gas from Germany but that this this had fallen to 35% by mid-April. Germany says that Russian imports could account for as little as 10% of its natural gas consumption by summer 2024.
Like other countries, Germany is scrambling to plug the gap in gas supplies. The head of the German Federation of Trade Unions told Bild am Sonntag that gas bottlenecks could cause the collapse of "entire industries" including aluminum, glass, and chemicals.
On June 23, the economy and climate ministry announced that Germany had entered the second of its three-stage gas emergency plan and warned that supplies were under pressure. German energy minister Robert Habeck said that the country's top priority was filling its gas stores, which he said were 58% more full than last year.
The country has imported more natural gas from Norway and the Netherlands, as well as more liquefied natural gas. Alongside encouraging energy efficiency and ramping up renewable-energy infrastructure, Germany has also made plans to fire up idle coal power plants as a short-term fix.
Kerstan told Welt am Sonntag that alongside potential hot water rationing, the city could also consider reducing the maximum room temperature in the district's heating network. He said that if there were a gas shortage, technical reasons mean it wouldn't be possible to distinguish between commercial and private customers everywhere in Hamburg.
More: Germany Gas Natural Gas russian gas
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2022-07-04T11:27:07Z
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Hamburg Prepares to Ration Hot Water As Russia Energy Crisis Escalates
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https://www.businessinsider.com/hamburg-russia-energy-natural-gas-ration-hot-water-putin-war-2022-7
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https://www.businessinsider.com/hamburg-russia-energy-natural-gas-ration-hot-water-putin-war-2022-7
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Luxury venues pay this firm to have people snoop on their services and staff. It's a highly competitive job.
Jim Coyle runs the secret-shopper firm Coyle Hospitality.
Tabitha Pearson Marshall
Jim Coyle started the secret-shopper firm Coyle Hospitality in 1996 after working in a hotel.
He now manages 80,000 freelance inspectors, whom he deploys to secretly review establishments.
Their jobs including rating staffers, cleanup, and general atmospheres for wealthy clientele.
The idea to start a secret-shopper firm came to Jim Coyle, now 57, when he was working as a duty manager at a Manhattan hotel. The hospitality-school graduate had just seen his property undergo a standard inspection, carried out by a secret shopper-like road warrior posing as a guest. It tooks weeks to receive the final report, long after issues it raised had potentially dissipated, he told Insider. Worse, it focused mostly on quantitative rather than qualitative feedback. Coyle knew he could do better, so he set out to create a new kind of on-call gumshoe for luxury hotels.
That was in 1996, and almost three decades later, Coyle Hospitality is at the apex of its industry. The company has 80,000 freelance inspectors on its roster and a who's who of hotels as clients — including Marriott, Hyatt, and IHG (owner of Six Senses, Kimpton, and Regent) who have all tapped his team to assess properties, using the company's firsthand reporting to help them improve all aspects of their hotels. Coyle has also broadened his inspection expertise beyond hotels to restaurants, real estate, retail, and even healthcare.
Here's a look at how his company works.
Inspectors don't work for Coyle full-time, and that's what makes them such impressive hotel snoops
Coyle understood instinctively that a road-warrior type — one who lives in hotel rooms and travels for most of the year inspecting them — would grow jaded, lose perspective, and likely cut corners as a result. Part-time snoops on the other hand, he believed, would remain engaged and observant — even more so if they were from groups in a hotel's target market. Five-star travelers know firsthand what five-star service should entail.
Coyle decided to deploy ordinary guests as secret shoppers, with a little guidance from his team. His team of freelance reviewers — which consists of mostly white-collar workers from all over the world — can turn reports around in two to three days, rather than take weeks or even a month, making their feedback timely and specific.
Coyle Hospitality receives around 30,000 applications per year for its freelance-reviewer positions and accepts less than 10% of them, using a proprietary algorithm to cull numbers down to those worth interviewing. Certain professions are standouts, Coyle said, like professional musicians. "When the curtain goes up for a show, they know they have to start — it's the same thing when they arrive at a hotel and know they have to perform," he said, adding that their ability to take direction — from Coyle or from a conductor — and innate instinct to be team players are added bonuses.
Teachers, professors, and other kinds of educators are organized and communicate well, as are spouses of those who travel for work — one woman who works for Coyle hopscotches the globe with her corporate-lawyer husband and can easily turn those trips into assignments. Small-business owners, too, are a favorite of his, whatever their sector. "They understand how important guest service is and know things won't be perfect, but can take in the big picture," he said.
How a would-be hotel inspector earns a gig from Coyle Hospitality
Most hotel locations have four yearly inspections and spend an average of around $10,000 with Coyle. But Coyle won't send a first-time inspector via first class for an extended stay in an oceanfront suite in Hawaii. "They start with simple assignments, which could be calling a reservationist and asking about room types or doing a pick-up order at an exclusive sushi restaurant," he said. Evaluators file reports and receive a score out of 20, much like an Uber rating — Coyle Hospitality tallies communication, accuracy, and other elements to sketch out a profile of their particular skill set.
When a client hires Coyle for an assignment, he notifies his pool of inspectors. The brief they receive might contain psychographic or demographic requirements to narrow down potential hires. He then waits on them to bid on an assignment. "Let's say we have a three-day stay at a Kimpton hotel. We'll ask them to bid on what they will do that assignment for, and usually we have 80 to 100 bidders," he said. "We have all kinds of performance data on them, so we have an algorithm that sorts out who gets the job. There are lots of factors, and it doesn't always go to the lowest bidder."
The bidding business model keeps costs down, both in terms of fees and travel expenses. Say someone on his roster has booked a trip to Monte Carlo and has already bought a flight — she could look for an inspection gig to cover her accommodation. "The bidding system has virtually eliminated all travel from the cost of a quality inspection — we saved one client over $40,000 in travel that way," he added.
What hotel inspectors look for when rating a room
The basics of an inspection are universal. Human hair anywhere, for example, will score poorly. "The presence of the previous guest is the nuclear bomb," he said. "That will create a visceral response — if you pull open the dresser drawer to find something to write with, only to find a crumpled-up map. It's all about the suspension of disbelief, the idea that this room is yours and ready for you only."
Coyle always counsels to look at the manager at the front desk: Their dress code can be shorthand for the hotel's state. A general manager in a wrinkled shirt and ill-fitting suit, Coyle said, is a warning that the hotel as a whole is likely to struggle. "The personality of the GM is 90% of what differentiates a hotel."
On top of these basics, however, each gig will have specific tasks — again, usually relating to the kind of customer they're keen to better understand. Take the luxury resort in Arizona that asked Coyle to find young families to report back on its product. He assigned a woman with a husband and kids from his database. Service was sleek and fast, she reported, but there was a problem on arrival: The bellman whisked the bags out of the car and left them outside on the baggage cart, telling the family to wait for a few minutes. "All the while, her valise is sitting out in the sun, with baby formula in it — when she went to go get it, the man said, 'No, we'll take care of that,' without understanding why. That was an 'aha' moment for the operator, learning that they were leaving bags in the sun."
Another hotel hired the firm to find out why its solo female guests were complaining at checkout at far higher rates than male travelers of a similar age. Coyle sent in a few female executives on his roster, who unearthed three problems: Men were treated more respectfully at check-in, they said, with staff affording them much greater attentive formality; the corridors were poorly lit, too — anxiety-inducing for any woman late at night; and the buzzy bar was worst of all. "The bartenders were high-fiving guys and coming on to the women, so it felt more like a frat party, even though this was a very chi-chi lounge," Coyle said. All it took was for the hotel to do some retraining — and get some brighter bulbs — to reduce negative feedback.
Sometimes Coyle's team uncovers more than just dirty laundry
One five-star hotel came to Coyle because it couldn't ascertain why its upscale spa scored so poorly on checkout evaluations. There was no clear reason, until the inspection team booked a few treatments. One staffer, they found, was the problem. "He was a masseur, making very off-color remarks, like about clients' weights or their back acne. They were so mortified they didn't bring it up with anyone," Coyle said. "He thought he was being helpful, but he was speaking too freely." Coyle said he doesn't know if the hotel terminated that particular staffer, but their contracts include language that expressly forbids clients from using the reports alone as tools for termination.
Occasionally, Coyle's team will expose criminality, like when they uncovered chicanery at a luxury resort in New England. Its business model focused mostly on repeat guests, and it was usually 100% full in tourist season. Such booking levels led regulars to plan ahead, leaving a small deposit for the next season after each stay, and the accounting team at the hotel would automatically roll it over and bill the guest in full at the end of their stay instead of deducting the deposit from this year's tally. This practice startled Coyle's inspection team and they called to request a full refund, as they weren't planning to come back next year. Even after calling to request a refund, it never came — because the manager had been pocketing those deposits for more than two years.
The pandemic hobbled the travel industry, but Coyle was prepared to pivot
Like many in the hospitality industry, Coyle saw a huge downturn in business as lockdowns and travel slowdowns paralyzed his core industry. "My business revenues went to 10% pretty much in one week, and we consider ourselves lucky. A lot of clients' revenues went to zero," he said. He had already experienced two similar downturns — after 9/11 in 2001 and after the Great Recession — so he was primed to pivot, focusing on building out revenue streams in other sectors in which he'd already dallied during the latter recession. Today, 50% of his clients are hotels, while restaurants form 25% to 30%, and other sectors — like healthcare, retail, and even cannabis startups — round out the rest.
His inspectors have highly transferable skills, he said, which allows them to assess establishments like walk-in medical clinics. They can rate whether they're greeted politely at reception and how quickly they're accommodated.
One homebuilder, Coyle said, wanted help creating a Four Seasons-like experience at its sales centers. "We created measurements like, 'Is the sales person someone you'd want to have a cup of coffee with?'" Coyle said. He often suggests high-touch businesses like this adopt the 10-in-5 rule, which is standard at hotels: If a guest is within 10 feet, make eye contact with them, and if within five feet, greet them before they greet you.
He isn't worried, either, that user-generated reviews — think Tripadvisor and company — doom his hotel-inspecting business to failure long-term. "The people who go to those sites do not tend to be typical customers," he said. "Affluent people's time is too valuable to go to these boards and spend it writing a complaint."
More: Inspection BI-freelancer contributor 2022 Careers
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2022-07-04T11:27:13Z
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www.businessinsider.com
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How Secret-Shopper Firm Coyle Hospitality Reviews Luxury Hotels
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https://www.businessinsider.com/how-secret-shopper-firm-coyle-hospitality-reviews-luxury-hotels-2022-7
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https://www.businessinsider.com/how-secret-shopper-firm-coyle-hospitality-reviews-luxury-hotels-2022-7
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Today's mortgage and refinance rates: July 4, 2022 | Rates cooled last week
Fixed mortgage rates cooled slightly last week, but the average 30-year fixed mortgage rate is still over two percentage points higher than it was at the start of 2022.
As inflation has grown and the Federal Reserve has worked to get price growth under control, mortgage rates have risen rapidly. However, there are signs that inflation may finally have peaked, which could be good news for mortgage rates.
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2022-07-04T11:27:31Z
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www.businessinsider.com
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Today's Mortgage, Refinance Rates: July 4, 2022 | Rates Cooled Last Week
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https://www.businessinsider.com/personal-finance/best-mortgage-refinance-rates-today-monday-july-4-2022-7
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https://www.businessinsider.com/personal-finance/best-mortgage-refinance-rates-today-monday-july-4-2022-7
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More online banks are raising interest rates on CDs. CFG Bank, for example, now pays 1.70% to 3.10% APY depending on the term.
Our best CDs guide can be a useful jumping-off point for learning about CDs. But if your top goal is to find a competitive CD rate above all else, then this list is for you.
We've been checking over a dozen financial institutions to keep up with the new rate offerings. Our list includes accounts with much higher interest rates than the national average, since online institutions tend to offer high-yield bank accounts.
The most competitive institutions may offer 6-month CDs over 1% APY and 5-year CDs over 3% APY.
CDs usually have fixed interest rates. This means you'll be locking in a rate for a specific period of time.
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2022-07-04T11:27:37Z
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www.businessinsider.com
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The Highest CD Rates Today: July 4, 2022 | 5-Year CDs up to 3.50% APY
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https://www.businessinsider.com/personal-finance/highest-cd-rates-today-july-4-2022-7
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https://www.businessinsider.com/personal-finance/highest-cd-rates-today-july-4-2022-7
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The highest savings account rates today: High-yield savings accounts earning up to 1.80% APY
Open a savings account with at least $100; a CIT eChecking Account will also need to be opened
If you're looking to earn some interest on your money, a high-yield savings account might be worth exploring. High-yield savings accounts are available primarily at online banks , and pay a higher interest rate than traditional savings accounts.
Our best savings accounts guide and best high-yield savings account guide can be great starting points in your research. But if you prioritize finding the highest rates above all else, then this list is for you.
The most competitive high-yield savings accounts pay over 1.25% APY right now. Keep in mind interest-bearing accounts may change. Savings accounts have a variable interest rate, which means that the rate may fluctuate at any time.
BrioDirect recently increased the rate of its BrioDirect High-Yield Savings Account to 1.80% APY. The BrioDirect High-Yield Savings Account offers the highest interest rate on our list and might be ideal if you can keep at least $25 in your account daily.
If you're looking for a high-yield savings account with a low minimum opening deposit, you might consider exploring UFB High Yield Savings. The savings account pays a high interest rate, and you can open an account with $0.
CIT Bank and Quontic Bank also have a variety of online bank accounts.
The CIT Bank Savings Connect Account requires a minimum opening deposit of $100 — you'll need to open a CIT Bank checking account to qualify for this savings account, though.
Lastly, you may like the Quontic High Yield Savings Account if you have at least $100 for an initial deposit.
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2022-07-04T11:27:43Z
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www.businessinsider.com
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The Highest Savings Account Rates Today: July 4, 2022 | up to 1.80% APY
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https://www.businessinsider.com/personal-finance/highest-savings-account-rates-today-july-4-2022-7
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https://www.businessinsider.com/personal-finance/highest-savings-account-rates-today-july-4-2022-7
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Fifteen Black current and former Tesla employees filed a lawsuit against the company.
The lawsuit says Tesla created a racially hostile work environment in its factories.
One plaintiff said they were physically tackled while on the job, then told to "suck it up."
Tesla has been hit with a lawsuit by 15 current and former Black employees accusing the automaker of racial discrimination and harassment.
The lawsuit filed in a California court on June 30 said Tesla's factories have been: "systematically turned into a racially hostile work environment."
The lawsuit comes as Tesla is in the process of being sued by California's civil rights regulator, which filed a lawsuit against Tesla in February saying a three-year-long investigation had found evidence Tesla's Fremont factory was a "racially segregated workplace."
The fifteen plaintiffs in the new lawsuit variously accuse Tesla of overlooking Black employees for promotions, allowing the use of racial slurs including the N-word to go unpunished, and failing to remove racist graffiti in the bathrooms including swastikas and the letters "KKK."
One plaintiff said in the lawsuit he was tackled by another employee while on the job, and that after he reported the incident to his lead, his lead told him: "Suck it up and be a man, this happens here all the time."
The same plaintiff said he was later harassed by a coworker who threw metal bolts at him. He said when he reported the incident his lead took no action.
This isn't the first time a Black Tesla employee has said they were attacked by a coworker.
A Black, gay woman who worked for Tesla filed a lawsuit against the company in February saying she was continually harassed by a coworker who at one point threw a hot grinding tool at her. The plaintiff said although she repeatedly reported the coworker for discriminatory behavior she was not aware of any action taken against them by HR.
In October 2021, a former elevator operator at Tesla's Fremont factory called Owen Diaz won a racial harassment case against the company.
Diaz was initially awarded $137 million in damages by a jury. A judge later brought the payout down to $15 million.
Diaz rejected that figure and a June court filing shows he plans to take Tesla back to court to try to argue for more money.
A Tesla investor also filed a lawsuit against the company in June accusing it of creating a "toxic workplace culture grounded in racist and sexist abuse."
Tesla did not immediately respond when contacted by Insider for comment on the new lawsuit.
More: Tesla lawsuit Racism Racial harassment
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2022-07-04T11:28:01Z
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Tesla Sued by 15 Black Employees Accusing It of Racial Discrimination
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https://www.businessinsider.com/tesla-sued-15-black-employees-racial-discrimination-2022-7
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https://www.businessinsider.com/tesla-sued-15-black-employees-racial-discrimination-2022-7
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Smoke is seen rising to the sky during heavy fighting between Ukrainian forces with Russian troops in Lysychansk, Ukraine, 1 July, 2022.
The UK's defence ministry said Russia had seized half the eastern Donbas region from Ukraine.
Officials said the Luhansk region was mostly Russia's now, with Donetsk next in its sights.
Russia has made slow gains in the region, grinding through hard-fought Ukrainian defenses.
The Russian military has seized control of the last Ukrainian stronghold in the Luhansk region, and will likely refocus its campaign on conquering a larger swath of eastern Ukraine, the UK's Ministry of Defence (MoD) said.
The ministry in a tweet early Monday said Russia had made "steady progress" in its campaign to seize the city of Lysychansk, the site of ferocious recent fighting.
On Sunday Russia drove Ukrainian forces out of the city, the last in the Luhansk region that still belonged to Ukraine.
—Ministry of Defence 🇬🇧 (@DefenceHQ) July 4, 2022
"Ukrainian forces have withdrawn from Lysychansk, likely falling back to prepared defensive positions," tweeted the MoD. "The city was the last remaining major population centre in Luhansk Oblast under Ukrainian control."
Ukrainian officials have also acknowledged their defeat in the city, though President Volodymyr Zelenskyy pledged to retake it soon.
The UK predicted that Russian efforts would now focus on Donetsk, the more southerly region of the Donbas where it has made more limited gains.
The Donbas is an economically important part of eastern Ukraine comprising the administrative regions of Donetsk and Luhansk. It has been the focus of Russia's campaign after the failure of its first, much broader offensive, which aimed to take vast amounts of Ukrainian territory, including the capital Kyiv, in one swoop.
"The fight for the Donbas has been grinding and attritional and this is highly unlikely to change in the coming weeks," the UK update said.
Parts of both Luhansk and Donetsk have been occupied by separatist forces since 2014, who fought the Ukrainian military for years in an inconclusive campaign. After Russian invaded in February, the separatists and Russian troops together turned the balance against Ukraine.
The Russian military has an advantage both in the number of troops and the power of its artillery, a decisive factor in the fighting in the Donbas.
Ukraine has made some smaller gains of its own. Last week Ukrainian forces had a notable victory in seizing back control of Snake Island in the Black Sea from Russia.
Ukrainian President Volodymyr Zelensky has urgently appealed for more weapons from the West to halt the Russian campaign. Recently the US has delivered HIMARS missile systems to Ukraine, allowing Ukraine to hit targets at a 50-mile distance.
More: Ukraine Russia Luhansk News UK
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2022-07-04T11:28:07Z
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UK: Russia Mostly Takes Luhansk, Ukraine —Will Try to Seize All Donbas
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https://www.businessinsider.com/uk-russia-mostly-has-luhansk-ukraine-will-try-to-take-all-donbas-2022-7
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https://www.businessinsider.com/uk-russia-mostly-has-luhansk-ukraine-will-try-to-take-all-donbas-2022-7
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American says that it doesn't expect the glitch to impact its flights.
Nik Oiko/SOPA Images/LightRocket via Getty Images
Thousands of July American Airlines flights briefly didn't have pilots scheduled, the Allied Pilots Association said.
A glitch in its trip-trade system had temporarily allowed pilots to drop assignments, the APA said.
American says that it doesn't expect the glitch to impact its flights or any customer travel plans.
Thousands of American Airlines flights set for July briefly didn't have pilots scheduled after a glitch allowed them to drop assignments, its pilots' union said. The glitch has since been resolved and American says that it doesn't expect it to impact travel plans.
On Friday night, American's trip-trade system allowed pilots to opt out of some of their scheduled flights, Ed Sicher, the president of the Allied Pilots Association(APA), said in a statement on Saturday. He put this down to "AA's operational mismanagement."
The union told news outlets including CNBC and The Wall Street Journal that as a result of the glitch, up to 12,075 flights scheduled for July were missing a captain, first officer, or both. The union said that American had reinstated about 80% of the trips, per reports.
"As a result of this technical glitch, certain trip trading transactions were able to be processed when it shouldn't have been permitted," the airline told CNBC.
"We already have restored the vast majority of the affected trips and do not anticipate any operational impact because of this issue."
American didn't immediately respond to Insider's request for comment, made outside of regular working hours.
APA told pilots on Sunday that if the airline added the flights back to their schedules it would violate its contract, but said that it was working with American to find a both short- and long-term fixes, per The Journal.
Sicher added that American CEO Robert Isom had called him four times that day "to commit to mitigating the damage from this debacle," and said that they had discussed paying an "inconvenience premium" to pilots who took on those flights, per The Journal.
American has around 15,000 pilots.
The scheduling issues at American come amid a period of travel chaos. Flights have been canceled, delayed, and changed and passengers have in some cases been left standing in line for security for hours or arriving in their destinations without luggage because of a combination of labor shortages at both airports and airlines, staff strikes, technical problems, and bad weather.
According to flight-tracking site FlightAware, 50% of flights from Toronto, nearly half of all flights from Paris Charles de Gaulle Airport and Frankfurt International, and 42% of flights from Montreal-Trudeau and London Heathrow were delayed on Sunday.
In the US, 27% of flights from JFK Airport, 23% of flights from Dallas-Fort Worth International, and 22% from Hartsfield-Jackson International in Atlanta were delayed.
More: flight Travel transport Transportation
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2022-07-04T12:56:12Z
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12,000 AA Flights Briefly Didn't Have Pilots Scheduled Due to Glitch
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https://www.businessinsider.com/american-airlines-flights-pilots-scheduled-glitch-labor-shortage-travel-disruption-2022-7
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https://www.businessinsider.com/american-airlines-flights-pilots-scheduled-glitch-labor-shortage-travel-disruption-2022-7
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Sam's Club and Costco both sell hot dog and soda combinations for just $1.50
Sam's Club had better condiments, with sauerkraut and cheese in addition to ketchup and mustard.
Costco still wins though, thanks to a more flavorful hot dog and better bun.
Costco is especially famous for its $1.50 hot dog and soda deal, which has stayed at the same price since 1985.
Sam's Club, Costco's biggest competitor, offers the same deal, also at $1.50. I decided to try both to see how they compare.
Charles Krupa/AP Images
Even though I've had Costco hot dogs before, I was still shocked at how big it was.
It's quite hearty, and it comes wrapped in a paper bag.
The bun was soft and warm, substantial enough to stand up top the hot dog without getting soggy.
I was especially impressed by the texture of the hot dog, which wasn't too wet or mushy which can sometimes happen.
Next up I want to Sam's Club, which has its own $1.50 hot dog and soda combination.
More: Features Business Visual Features Costco Sam's Club
Warehouse chain
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2022-07-04T12:56:18Z
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Costco Vs Sam's Club: Hot Dog Comparison in Photos
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https://www.businessinsider.com/costco-vs-sams-club-hot-dog-comparison-in-photos-2022-7
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https://www.businessinsider.com/costco-vs-sams-club-hot-dog-comparison-in-photos-2022-7
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A dog pictured on on airplane. This is not the missing dog Winston.
Richard Atrero de Guzman/Anadolu Agency/Getty Images.
A dog was left stranded among lost baggage at Toronto Pearson International Airport for hours, CTV News reported.
A distressed Winston was only located by airport staff 21 hours later.
Instances of canceled flights and lost baggage is mounting as airports struggle with staff shortages and high demand.
A dog was left stranded alongside lost baggage at Toronto Pearson International Airport for over 20 hours, the Canadian news outlet CTV News reported.
Jena Butts, who brought the dog called Winston back to Canada from the Dominican Republic, said that airport staff advised her to go home after Winston did not emerge with her other luggage, the outlet reported.
"I was very angry and I didn't understand how nobody could be at the airport to help me find my dog. This is a living creature," Butts said, per CTV News.
"He's very traumatized," she said. "I will definitely not be travelling with dogs for a while now."
Winston, who was in his crate in a corner of the airport with lost bags, was only found by airport staff 21 hours after Butts' flight landed, she said.
Butts, who traveled with Air Transat, said she received an apology from a service provider for the airline at Pearson International, but had not heard from the airline directly.
Air Transat and Toronto Pearson International Airport did not immediately respond to Insider's request for comment.
The issue with the dog comes amid ongoing travel disruption, as airports and airlines struggle to retain enough staff to meed mounting demand for travel.
Passengers flooded social media with images and videos of baggage mounting at Toronto Pearson International Airport, Canada's busiest airport, over the weekend.
Luggage also piled up at London Heathrow airport following a spate of flight delays and cancellations due to staff shortages and high demand.
More: Airports Airlines Travel Transportation
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2022-07-04T12:56:24Z
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Dog Stranded Among Unclaimed Luggage at Canada's Busiest Airport
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https://www.businessinsider.com/dog-stranded-lost-luggage-toronto-pearson-airport-travel-chaos-2022-7
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https://www.businessinsider.com/dog-stranded-lost-luggage-toronto-pearson-airport-travel-chaos-2022-7
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The Chevrolet Bolt EUV (top) and Ford Mustang Mach-E.
I tested electric SUVs from Ford and Chevrolet.
The Mustang Mach-E is quicker and more expensive, while the Bolt EUV is cheaper and more compact.
Both are excellent zero-emission options with different strengths.
Now Ford and Chevy fans have another thing to bicker about.
Both Detroit brands now sell competing all-electric SUVs. For Ford, it's the Mustang Mach-E, which went on sale in late 2020. For Chevrolet, it's the Bolt EUV, which recently went on sale again after taking a long hiatus due to battery issues.
These models don't have a ton in common. One is a sporty, electric take on a classic muscle car. The other is a compact commuter SUV. The 2022 Bolt EUV starts at a relatively modest $34,495, while the Mustang Mach-E asks a solid $10,000 more for a base Select model.
But since there aren't all that many electric SUVs out there, there's a good chance some people will be considering both vehicles for their next zero-emission purchase.
I drove both electric family-haulers and compared them across the categories that matter to you most:
Which drives better?
The Mustang Mach-E is quicker, more agile, and all-around more entertaining to drive than the Bolt EUV. It is a Mustang, after all.
It's also available with all-wheel drive, which hurts range but boosts performance. The Bolt EUV only comes in front-wheel drive.
Still, the Chevy rides smoothly and can get you away from a stoplight relatively quickly.
Which has more range?
Across all trim levels, the Bolt EUV gets an EPA-rated range of 247 miles, identical to that of the cheapest Mach-E. Add on all-wheel drive and the Mach-E Select's rating drops to 224 miles.
But the $53,500 Mach-E California Route 1 offers up to 314 miles of driving range, placing it near the top of the segment.
Which charges faster?
The 2021 Ford Mustang Mach-E.
At a roadside DC fast charger, the Bolt EUV can charge at a peak rate of 55 kilowatts, which isn't competitive with rivals, including the Mach-E. Chevy says it can add 95 miles of range in 30 minutes.
The Mach-E maxes out at 115 or 150 kilowatts, depending on the model, and can add on the miles much more quickly.
Most EV owners charge at home overnight, so peak charging rates don't necessarily matter much. But quicker charging can make all the difference on longer road trips, when you want to stop briefly and get back on the road.
How does size compare?
The Bolt EUV is 16 inches shorter and four inches slimmer than the Mach-E, making it the better choice for squeezing into parking spots. They're the same height.
What about cargo space?
It stands to reason that the Ford offers up more storage space. It provides 29.7 cubic feet of storage area behind the rear seats, compared to the Chevy's 16.3.
With the seats folded, the Bolt EUV provides a surprising amount of room: 56.9 cubic feet, just short of the Mach-E's 59.7.
The Mustang Mach-E's frunk.
The Mach-E has an extra 4.7 cubic feet of space in its front trunk, something the Bolt EUV doesn't have. A frunk may not be a dealbreaker, but they're mighty helpful for wet or dirty stuff you don't want mingling with other cargo.
Verdict: Different strokes for different folks
Both are solid choices with wholly different strengths.
The Bolt EUV offers a more accessible cost (even considering that the Mach-E still qualifies for the federal government's $7,500 EV tax credit ). And for the 2023 model, the EUV is getting thousands cheaper. Its small size makes it more city friendly.
The Mach-E has the advantage when it comes to maximum range, charging speed, cargo space, and performance. Plus, its sleek looks and low stance mean it's sure to turn more heads.
More: Transportation Tech Auto Industry Electric Vehicles
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2022-07-04T12:56:30Z
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Ford Mustang Mach-E Vs Chevy Bolt EUV: Electric SUVs Compared
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https://www.businessinsider.com/ford-mustang-mach-e-chevy-bolt-euv-best-electric-suv-2022-7
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https://www.businessinsider.com/ford-mustang-mach-e-chevy-bolt-euv-best-electric-suv-2022-7
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Funko's new exclusive drops on eBay show how vital secondary market hype is for collectible manufacturers — even if they never see a dime of revenue from resale
Funko Pop vinyl figures on display during ToyCon 2020.
Gabe Ginsberg /Getty Images
Funko announced eBay as its preferred secondary marketplace, with eBay getting exclusive drops.
Funko's thriving secondary market helps the company even though it doesn't get direct revenue.
Its stock has outperformed the S&P 500 year to date, and analysts are bullish.
Funko, best known for selling collectible vinyl figurines of characters like Spider-Man, Harry Potter, and Baby Yoda, has entered a partnership with eBay to launch exclusive products on the marketplace sometime this summer, both companies confirmed.
On the heels of an announcement that eBay would be the preferred secondary marketplace for Funko products, analysts say it signals just how much value Funko gets out of the resale sites like eBay — even if it never sees a dime of the money collectors make selling rare Funkos, which can sell for tens of thousands of dollars.
Funko had been working with eBay for a while.
"We heard overwhelmingly from our fans that eBay was their preferred marketplace," Funko CEO Andrew Perlmutter told Insider.
Perlmutter said the pricing of Funko Pop figures on the Funko app was generated mostly from eBay listings. The app allows users to track the estimated value of Funko Pops in their possession over time.
Funko's secret: constantly dropping small batches of product
Funko has been on a tear recently, doing over $1 billion in sales in 2021, up 58% year over year, and its stock has wildly outperformed the S&P 500 year to date. In May, eBay took a small stake in the company as part of a consortium of investors, led by The Chernin Group, that bought 25% of Funko.
Stephanie Wissink, a Jefferies managing director, told Insider the success of Funko products, especially on secondary marketplaces, had changed how investors viewed collectibles as an asset class for investors.
"The relationship with eBay comes about because there's a significant secondary market for limited-release products," Wissink said. "They're probably one of the very few companies in consumer goods that has a dedicated commitment to cycling into newness very frequently to create limited quantities."
In other words, Funko's ability to continue producing small batches of new collectibles keeps customers excited, while keeping costs low. Whether or not a figurine succeeds, keeping them to a limited quantity helps to get a sense of what consumers are looking for and what licensed characters will perform best.
Partnering with eBay also takes away the need for Funko to run their own marketplace, Wissink said.
"You have to become exceptionally skilled at taking inventory in, evaluating it systematically, putting an applied value on it, and having reimbursement streams in place," Wissink said. "It is a somewhat complex business to run."
Michael Swartz, the director of research at Truist, agreed there'd been a shift in how collectible-focused companies like Funko are seen. He said Funko's many popular licenses allowed it to keep things fresh.
"We talk about fads in the toy industry. They tend to last two to three years," Swartz said. "That's kind of a life cycle for a fad, whether that's like Furby or Rainbow Loom or whatever it is."
Meanwhile, Funko, Swartz said, continues to grow "dramatically" year after year.
Swartz said Funko's popularity on resale sites helped juice sales of new figurines.
"It gives it just more importance in the market in that you can go out, look at something that you could have bought at retail for $12 selling for $1,500," Swartz said. "People attach value to something that is inherently greater than the physical value of that product."
Analysts think Funko can hold up even in a downturn
Funko's stock popped in late June when Megan Alexander, JPMorgan's vice president of equity research, upgraded the outlook for Funko, pointing to "the toy category's resilience in recessionary periods" and writing that Funko's low price point allowed "it to be a 'guilty pleasure' for parents and 'fans' even during times of economic distress."
Swartz is bullish about Funko's future, seeing a benefit coming from a recession for the company that causes "greater slack in the supply chain," "given greater slack in the economy, given greater slack in labor and raw materials."
"A lot of the inflationary pressures that they've undergone the last couple of years probably start to ease, and they've been hit big time by transport and freight costs," Swartz added.
Jefferies and Wissink also remain optimistic about Funko's future.
"We have a pretty high degree of confidence that this is a global industry and that there's still a lot of untapped consumer demand," she said.
NOW WATCH: How Toms went from a $625 million company to being taken over by its creditors
More: Retail Funko Pop eBay
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2022-07-04T12:56:42Z
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Funko Pop, eBay Exclusive Drops Part of Funko's Secondhand Strategy
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https://www.businessinsider.com/funko-pop-ebay-exclusive-drops-part-of-funkos-secondhand-strategy-2022-7
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https://www.businessinsider.com/funko-pop-ebay-exclusive-drops-part-of-funkos-secondhand-strategy-2022-7
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Inflation is tearing through the economy, but the US is far from alone.
The invasion of Ukraine and tangled supply chains are lifting prices around the world.
Other central banks are echoing the Fed's rate hikes as they struggle to cool inflation.
The coronavirus outbreak began as a regional epidemic before expanding to a global crisis. Inflation is trending the same way.
Americans are fed up practically everywhere they spend money. Gas prices sit near record highs, food costs are surging, and housing is getting more expensive by the month. Lawmakers — particularly Republicans — have lambasted the Federal Reserve for allowing inflation to hit 41-year highs, arguing the central bank should've started raising interest rates much earlier.
A glance abroad, however, shows the problem isn't limited to the US. Inflation is running historically hot around the world as economies grapple with a slew of global pressures. Prices in the European Union are up roughly 8.1%, just slightly below the US's 8.6% year-over-year inflation rate. Price growth is even faster in the UK, with its one-year inflation gauge hitting 9.1% in May. Even Japan is enduring higher-than-usual inflation, bucking a decades-long trend of stagnant price growth.
The pervasiveness of elevated inflation is due, in large part, to the global pressures driving prices higher. Russia's invasion of Ukraine is among the most powerful. The conflict immediately lifted prices for commodities including natural gas, oil, grain, and fertilizer. Follow-up sanctions against Russia further hampered global supply and lifted prices higher still.
The shock has since affected several sectors. Airfares are sharply higher due to boosted energy prices. While pricier grain has lifted costs at the grocery store, higher fertilizer prices are likely to keep food inflation high into the future. Elevated oil and natural gas prices are also boosting costs for manufacturing and transportation, further ensnaring consumers.
The effects are markedly worse in the UK and Europe than in the US, as the region is much more reliant on Russian energy. Poorer nations are also likely to suffer more from the uptick in food prices, as they are less able to absorb higher costs than advanced economies.
The supply-chain tangle propping up inflation is also an international issue. Snags first emerged in the middle of 2021 as shortages of semiconductors, batteries, and medicine slammed various production lines. The mess intensified in the fall as new coronavirus variants prompted factory shutdowns in China. Critical manufacturing hubs were sidelined just as holiday-season demand was ramping up, further exacerbating the disconnect fueling inflation.
"What did we get wrong? That really was looking at these supply-side issues and believing they would be solved relatively quickly," Fed Chair Jerome Powell said Wednesday at a forum hosted by the European Central Bank.
In the US, the supply-chain pressures showed up as intense port backlogs, truck driver shortages, and a rise in out-of-stock warnings. Other economies faced similar fallout. Europe struggled with port congestion and shipping delays as well. Pricier ship fuel boosted freight costs around the world. Shortages of containers also hobbled trade in China, the EU, and Australia.
"I don't think that we're going to go back to that environment of low inflation," Christine Lagarde, president of the ECB, said at the Wednesday forum.
Some factors boosting inflation are unique to the US. Decades of corporate consolidation have augmented companies' ability to pass higher costs on to consumers. That's led to companies charging record-high markups and raking in record profits throughout 2021, according to researchers at the Roosevelt Institute.
The US government was also among the most generous with its early pandemic stimulus. Though the aid supercharged the economic rebound, it likely widened the gap between supply and demand.
Yet other countries had their own unique issues that pushed inflation higher. The UK's withdrawal from the EU severed key trade relationships years before the pandemic and saddled British households with higher inflation than their European peers, according to a study from the Peterson Institute for International Economics. Several years of negative interest rates left Japan with an economy much more susceptible to an inflation shock.
And while the Fed continues to catch flak for its response to sky-high inflation, central banks abroad are acting similarly. The European Central bank is poised to raise its benchmark interest rate in July for the first time since 2011 to cool surging prices. The Bank of England hiked its own key rate by 0.25 percentage points on June 16, marking a fifth straight increase. Canada's central bank approved a second straight half-point hike on June 1 and said it would "act more forcefully" if inflation didn't show signs of slowing.
The price-growth problem is a global one. The fight against it is just as universal.
More: Economy Inflation inflation outlook Central Banks
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2022-07-04T12:56:49Z
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Inflation Is Plaguing the World. Every Country Is Failing to Cool It.
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https://www.businessinsider.com/inflation-outlook-global-price-surge-cooldowns-failing-central-banks-risk-2022-6
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https://www.businessinsider.com/inflation-outlook-global-price-surge-cooldowns-failing-central-banks-risk-2022-6
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COO of budget airline EasyJet quits after weeks of flight cancellations and travel disruptions
People board an EasyJet flight at Gatwick Airport.
The COO of EasyJet is leaving his role, the airline announced.
EasyJet has been one of the worst-affected airlines by travel chaos, having canceled thousands of flights.
The airline's CEO said its priority is "delivering a safe and reliable operation this summer."
The COO of the UK-based budget airline EasyJet quit his role after the airline experienced severe disruption and canceled thousands of flights this summer.
EasyJet said in a statement that Peter Bellew had resigned "to pursue other business opportunities," the BBC reported.
And EasyJet CEO Johan Lundgren said in a statement: "I would like to thank Peter for his hard work and wish him well. Everyone at easyJet remains absolutely focused on delivering a safe and reliable operation this summer," The Guardian reported.
The airline, like many around the world, had been dealing with chaos sparked by staff shortages, as well as airport issues like shortages with airport staff.
EasyJet has been one of the worst-affected, and had apologized to customers in June.
It announced at the time that it was canceling thousands of flights this summer in a bid to avoid more customers experiencing last-minute chaos and cancelations.
Lundgren at the time blamed it on staff shortages, Sky News reported, as it said getting security clearances for staff was moving slower than before. He also said the UK's leaving the EU made hiring more difficult.
Experts say the UK is the worst-affected country by the travel chaos.
EasyJet said that David Morgan, the airline's current director of flight operations, would take over as COO in an interim capacity.
Lundgren said EasyJet was "absolutely focused on delivering a safe and reliable operation this summer" and that Morgan would "provide strong leadership for the airline this summer," per the BBC.
More: News UK Speed desk EasyJet
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2022-07-04T14:29:57Z
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EasyJet COO Quits After Weeks of Flight Cancellations, Disruptions
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https://www.businessinsider.com/easyjet-coo-resigns-flight-cancellations-disruptions-2022-7
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https://www.businessinsider.com/easyjet-coo-resigns-flight-cancellations-disruptions-2022-7
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The sun sets on Central Park Tower and buildings along Billionaire Row in New York City.
Charles Schwab surveyed 1,000 Americans about their wealth and spending in May 2022.
Respondents said you need to be a millionaire to be "financially comfortable" in these five US cities.
From Denver to NYC, here are the survey's results ranked from the lowest to highest net worth required.
A guaranteed income program in Atlanta supports low-income Black women.
Dallas, Texas' population is expected to more than double from 2020 to 2029.
Skyhobo/Getty Images
Red Brick houses along Acorn Street, Beacon Hill in Boston.
Fireworks in Houston, Texas.
franckreporter/Getty Images
Washington DC: $1.1 million
The Seattle skyline.
Southern California: $1.3 million
The Los Angeles skyline is seen from Griffith Park, at dusk in Los Angeles, Wednesday, Feb. 9, 2022.
Ismael Rios / EyeEm
The house is part of a row of seven houses known as the “Painted Ladies” or “Postcard Row” in San Francisco.
More: Wealth Real Estate New York San Francisco
Pheonix
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2022-07-04T14:30:27Z
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Net Worth Needed to Be 'Financially Comfortable' in US Cities
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https://www.businessinsider.com/net-worth-needed-financially-comfortable-wealthy-us-cities-022-7
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https://www.businessinsider.com/net-worth-needed-financially-comfortable-wealthy-us-cities-022-7
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Indigenous and environmental activists protest in front of the White House in Washington, Oct. 11, 2021.
Sue Ogrocki, File/Associated Press
The Supreme Court ruled last week the state of Oklahoma has some jurisdiction over tribal lands.
Native law experts told Insider the ruling ran counter to decades of Native law.
They said the court bought into Oklahoma's dubious narrative of reservations as "lawless dystopias."
Oklahoma engaged in a coordinated effort to disparage Native American tribes and convince the Supreme Court to weaken tribal sovereignty — and it worked, according to Native law experts.
On Wednesday, the Supreme Court sided with the state in Oklahoma v. Castro-Huerta in a 5-4 opinion, holding that the state of Oklahoma had concurrent jurisdiction with the federal government to prosecute some crimes committed on reservations.
But Native law experts said the decision ran counter to nearly 200 years of precedent and has significant implications for what it means for Native nations as sovereigns.
"Truly, a more ahistorical and mistaken statement of Indian law would be hard to fathom," Justice Neil Gorsuch wrote in a scathing dissent that was joined by the court's liberal wing, adding: "Tribes are not private organizations within state boundaries. Their reservations are not glorified private campgrounds. Tribes are sovereigns."
The win for Oklahoma came two years after another case decided by the high court, McGirt v. Oklahoma, held that much of eastern Oklahoma was reservation land. The result was that 43% of the state was acknowledged as Indian country, limiting the ability of the state to prosecute crimes there.
Following that decision, Oklahoma could have sought jurisdiction by working with the tribes and going to Congress to pass legislation. Instead, Gorsuch writes, the state responded with a "media and litigation campaign" to portray reservations as "lawless dystopias."
Oklahoma spent $10 million on a tribal litigation fund
"The court has never had the authority to give states any jurisdiction over tribal lands," Mary Kathryn Nagle, a lawyer who specializes in federal Indian law, told Insider. That power has belonged to the federal government and Congress. But she said the governor "spent 10 million on a PR campaign" to convince the Supreme Court otherwise.
In 2021, Gov. Kevin Stitt successfully sought $10 million for a tribal litigation fund to hire private attorneys to work on disputes between the state and the tribes.
In the state's recent argument before the Supreme Court, it argued McGirt caused "instant and sweeping turmoil" in Oklahoma. The state claimed it lost jurisdiction over 18,000 cases per year and that "numerous crimes are going uninvestigated and unprosecuted, endangering public safety."
However, it's unclear how exactly Oklahoma came up with its numbers. Tribal governments and journalists have been unable to confirm them and accused the state of exaggerating. A months-long analysis by The Atlantic found the state's numbers dubious at best and "inaccurate and misleading" at worst.
The state's characterization of the situation has also been disputed by some officials. Trent Shores, who served as the US attorney for the Northern District of Oklahoma from 2017 to 2021, said the reality on the ground is far more reassuring.
"I have experience working with and in the tribal court system, and I know that they are just as dedicated to justice and ensuring that these victims get a measure of justice," he told KOSU last year.
Still, the Supreme Court appeared to take Oklahoma at its word, with Justice Brett Kavanaugh repeating Oklahoma's claims in the majority opinion.
"It's very clear they're buying this false narrative that McGirt created a public safety issue," Nagle said.
Tribes will 'guard their sovereignty and protect it very closely'
James Maggesto, an attorney who focuses on Native American Law, agreed that "the sky wasn't falling at the local jurisdictions" but that Oklahoma's efforts to paint it that way unfortunately "carried the day in this case."
He said that despite the state asserting otherwise, there is "no tension between respecting tribal sovereignty and law and order." Similar to how states respect one another's jurisdiction over their own lands, the jurisdiction of the tribes, as sovereign nations, should also be honored and respected.
Maggesto said it was just another example of the court wanting a specific outcome and finding a way to get there, rather than following the law where it actually leads: "The majority opinion is a pretzel twisting itself to get to that outcome instead of letting it flow."
"Far from settling things, I think the court has kind of muddied the water now," he said, adding he expects to see the tribes fight the implications through legislation or the courts. "One thing tribes have shown throughout all of this, they will guard their sovereignty and protect it very closely."
Have a news tip? Contact this reporter at kvlamis@insider.com.
NOW WATCH: Watch Ketanji Brown Jackson become first Black woman on the Supreme Court
More: Oklahoma Native American tribes sovereignty
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2022-07-04T14:30:33Z
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Oklahoma Painted Tribal Land As 'Lawless Dystopia' for SCOTUS: Experts
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https://www.businessinsider.com/oklahoma-tribal-land-as-lawless-dystopias-for-scotus-sovereignty-experts-2022-7
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https://www.businessinsider.com/oklahoma-tribal-land-as-lawless-dystopias-for-scotus-sovereignty-experts-2022-7
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Everyone's panicking about the rising cost of goods and services because of inflation.
A financial planner recommended calculating how much inflation is actually costing me.
My personal inflation rate is 14%, even though I spent way less on groceries this year.
My Instagram and TikTok feeds are filled with memes about inflation. Living in Los Angeles, my friends and I joke about the rising cost of gas — now $7 a gallon or more in some areas — to cope with the stress of making ends meet.
Some of our collective panic is warranted. Inflation, which is defined as the rising cost of goods over time, is the highest it's been in 41 years. The average annual inflation rate in the US is about 2%, however, due to supply shortages during the pandemic, the inflation rate from May 2021 to May 2022 is 8.6%.
How I calculated my personal inflation rate
I spoke with financial planner Nicole Morong at Peterkin Financial about my worries about inflation. She told me, "The way I approach inflation with my clients is, first, we have a conversation about what the actual inflation rate is for things like mortgage rates, credit cards, gas, and groceries. And then we talk about what their personal inflation rate is, which is based on what you're personally experiencing."
To calculate inflation overall, economists compare the average cost of goods and services year-to-year, for example, May 2021 compared to May 2022. Similarly, Morong told me I can calculate my personal inflation rate by comparing my spending in different categories year-to-year using this equation:
[May 2022 spending - May 2021 spending]/[May 2022 spending] = 0.xxxxxx x 100 = my personal inflation rate
My personal inflation rate from May 2021 to May 2022 is 14%
Category May 2021 May 2022 Personal inflation rate
Income $2,862.25 $4,178.12 45.97%
Rent $1,100 $1,600 45.45%
Groceries $399.68 $240.33 -39.87%
Eating out $383.53 $112.21 -70.74%
Gas $60.43 $90.48 49.73%
Total $1,943.64 $2,218.02 14.12%
Before I get into analyzing my personal inflation rate, the practice of comparing my year-to-year growth felt so satisfying. In a world where we're trained to compare ourselves to others constantly on social media, it was healing to only compare me to me.
My monthly income grew 46% from 2021 to 2022, and my rent increased when I moved out of an apartment with roommates to my own one-bedroom. Sometimes, I still feel guilty for how much rent I pay compared to people who live in less expensive cities, but it felt good to know that the 45% increase in the rent I pay is proportionate to how my income has grown.
I spent less on groceries and takeout, but I spent more on gas
Morong says getting clarity about your personal inflation rate can help you understand how much you can counteract overall inflation with small, manageable lifestyle changes over time. I was surprised to learn that I was already taking those measures with my grocery expenses down 40% and my takeout expenses down 71%.
Morong says, "Even if groceries have gone up in value, maybe you've subconsciously made different habits, and your personal inflation rate is flat when it comes to groceries." She adds that most of her clients cut certain categories by making small changes, like meatless Monday dinners or going out less to offset inflation.
My gas costs rose 50%, but May was a lean month. Thus June, when I typically go out more for Pride month celebrations, I spent $235.67 on gas compared to last year's $72.12 — a whopping 227% inflation rate. Part of the reason my gas costs rose is that I moved to a less central neighborhood where rent is cheaper, but a bigger part of it is the skyrocketing cost of fuel.
Understanding my personal inflation rate gave me a much-needed reality check
Seeing that number — 227% increase for gas from June 2021 to June 2022 — gave me a much-needed reality check. Hanging out with my friends and community is very important to me. To make room for the cost of gas in my budget, I'm cutting back in other areas little by little.
While I'm taking responsibility for what I can control, I still make room for cathartic jokes and whining about inflation overall. The best meme I found was one that says, "Gas prices are higher than some of y'alls credit scores." I'm privileged to have steady employment and to be able to weather the storm of paying $7 a gallon for gas, but I'm never going to pretend it's fair to pay this much just to live in a city I love.
FINANCE 4 investment strategists break down where the rich are parking their money to beat inflation
PERSONAL FINANCE 4 sneaky ways inflation may be ruining your finances, and how to fix it
More: Inflation inflation 2022 Groceries Gas Prices
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2022-07-04T14:30:39Z
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My Personal Inflation Rate Is Higher Than Overall Inflation of 8.6%
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https://www.businessinsider.com/personal-finance/personal-inflation-rate-groceries-inflation-worry-2022-7
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https://www.businessinsider.com/personal-finance/personal-inflation-rate-groceries-inflation-worry-2022-7
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The perfect portfolio to beat stagflation: A fund manager overseeing $3.2 billion lays out why the economy is as bad as it was in the 1970's and reveals the defensive assets investors need to see them through the storm
Tetra Images - Dan Bannister/Getty Images
High inflation, rising rates and the war in Ukraine create a daunting picture for investors.
Some are warning inflation will not fall back to target anytime soon and could become stagflation.
A $3.2 billion fund manager expects this scenario and has selected his stocks accordingly.
There are plenty of experts issuing gloomy outlooks on the economy and stock market at the moment.
The combination of 8%-plus inflation, fast-rising interest rates and the impact on energy and food prices of the war in Ukraine create a daunting picture.
There are optimistic voices who see the sharp discounts already applied to most parts of the stock market as a buying opportunity, but Alec Cutler, manager of the $3.2 billion Orbis Orbis Global Balanced fund is definitely not among them.
In an interview with Insider, Cutler explained why he sees close parallels between the economic landscape of the 1970s and the present time. Stagflation — where inflation persists despite the economy contracting — is the centrepiece of the trouble.
Cutler said there are "a ton of parallels" with the situation 50 years ago. "You've got a supply-driven crisis in energy, and now food. He also noted that just as we see now in the form of the Ukraine war, the 70's saw geopolitical flashpoints stoking inflation and volatility , such as the Yom Kippur war and Iranian Revolution.
One other similarity is the Federal Reserve being "late to the game," in Cutler's view.
"For similar reasons, I think they are late this time. It's political interference. In the context of the US in the 70s, Nixon just wanted to get reelected." Cutler said that now, rather than a president pressuring the Fed, they are acting politically themselves by talking about full employment and social equity. This has meant the central bank held on to lower rates, much longer than they should have.
A recession is inevitable in Cutler's view, and may actually have started already. "The Q1 numbers were negative and they said 'oh no that's an anomaly related to COVID'. But you know, recessions always start out as anomalous and then you look back in six or nine months and say 'the recession started there.' So we're already we're already in it, and we'll get the numbers to confirm it in another two or three months."
With the inflation being caused in large part by geopolitical strife and other supply side problems, Cutler sees stagflation as likely, and is investing accordingly.
"What we we set out to do at the end of last year was build a portfolio that would make sense in 1975, which is and what works during stagflation," he said. "You want to own whatever is causing the stagflation. In the 70's, that was energy, and lo and behold in 2022 it's the same. Gold also worked in the 70's, but fixed income and stocks, particularly growth stocks, didn't."
Cutler has certainly backed this view with action. His largest holding is the iShares Physical Gold ETC, which accounts for 6.3% of his $3.2 billion fund, while he also invests heavily in gold miner Barrick Gold.
His other largest holdings include oil giant Shell, energy infrastructure firm Kinder Morgan, and oilfield services company Schlumberger. As oil prices rise and stay high these companies are making outlandish profits, to the benefit of their shareholders.
Cutler's other big play is semiconductors. The world is in the midst of a supply squeeze on these computer chips. They are required to run all kinds of electronic devices as well as cars, trucks and other vehicles. Prices have jumped and order books are crammed full as demand outstrips supply. This puts the tiny number of companies servicing this huge market in very strong position.
Samsung Electronics is his second largest holding, while Taiwan Semiconductor also accounts for many millions of the fund's dollar value. Cutler sees these companies as having an unassailable and highly lucrative position in the world economy.
"What they do, no one else can do," Cutler said. "Nobody can make it scale. They manufacture semiconductors for everybody."
One other major holding Cutler has at the moment is food-tech and chemicals giant Bayer, which works as a very effective a play on the inflationary heat in global food markets. He sees the stock as unloved by the market, and that creates opportunity.
"We made it a big position because everyone hates it. If you look at the food crisis, it has created a surge in fertilizer, and people are associating that with with food prices."
Cutler sees the rise in food prices as a long term trend that started well before the Ukraine crisis, and will continue after it. Companies like Bayer are well placed to profit from it.
More: which stocks should I buy? stocks to buy 2022 stock tips 2022 stock recommendations 2022
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2022-07-04T14:30:51Z
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Recession-Proof Investing: the Perfect Portfolio for Stagflation
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https://www.businessinsider.com/recession-proof-investing-the-perfect-portfolio-for-stagflation-2022-7
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https://www.businessinsider.com/recession-proof-investing-the-perfect-portfolio-for-stagflation-2022-7
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Republican Sen. Cynthia Lummis.
Republican Sen. Cynthia Lummis is Congress' resident cryptocurrency enthusiast.
She' owns a large bitcoin stake and co-sponsored a significant crypto bill.
The bill would help classify coins as either commodities or securities, and decide which agency should regulate them.
Sen. Cynthia Lummis is known on Capitol Hill as the "Crypto Queen."
The Republican from Wyoming has earned a reputation as a cryptocurrency educator in Congress, demystifying and advocating for the technology among her older colleagues.
She's a self-described HODLer, crypto-speak for someone who invests in bitcoin as a way to get in before it takes over larger swaths of the financial system. In June, she introduced a bill, alongside Democratic Sen. Kirsten Gillibrand, to some of the first federal guardrails for the growing and largely unregulated world of decentralized finance.
"There are groups who want no regulation. There are other groups that want to completely ban digital assets," a spokesperson for Sen. Lummis told Insider. "We need to meet somewhere in the middle to make sure that bad actors are not taking advantage of the lack of regulatory clarity, but also that innovators can continue to develop new technologies that make our world better."
From Wyoming to Washington
Sen. Lummis in 2008.
Douglas Graham/Roll Call/Getty Images
Sen. Lummis (pronounced as though it rhymes with "hummus,") served as the state treasurer in her home state of Wyoming from 1999 to 2007 before winning the Wyoming seat in the US House. She served as vice chair of former President Donald Trump's presidential transition team after he won the 2016 presidential election.
In 2020, Sen. Lummis, 66, became the first woman to be elected senator from the state of Wyoming. That same year, she also became the Senate's first crypto owner.
Former Vice President Mike Pence and Sen. Lummis in a mock swearing-in ceremony in January 2021.
Pete Marovich / POOL / AFP) (Photo by PETE MAROVICH/POOL/AFP via Getty Images
Lummis bought bitcoin in 2013, and she reported in October 2021 that it amounted to somewhere between $50,000 and $100,000. She told Protocol last week, however, that she put her bitcoin holdings in a blind trust after receiving blowback for owning the digital assets.
But her passion for the technology — and eagerness to learn — puts her leagues ahead of many of her colleagues.
"I'm catching up, and I need to help my colleagues in Congress to catch up," Sen. Lummis told Reason in October 2021.
So what would the bill do?
Sen. Lummis.
A key component of the Responsible Financial Innovation Act is how to classify digital assets (commodities or securities) and which agency should regulate them.
It's a question that's long plagued the industry. Many companies have long scowled at the idea of the Securities and Exchange Commission overseeing digital assets, with many preferring the Commodity Future Trading Commission's oversight instead.
The legislation partially agrees.
"Digital assets that meet the definition of a commodity, such as bitcoin and ether, which comprise more than half of digital asset market capitalization, will be regulated by the CFTC," reads the bill.
However, Sen. Lummis has said the SEC will still play a key role to warn consumers of smaller cryptocurrencies that could be scams.
"These are assets that need disclosure, where the public needs consumer protection because some of these are just fraudulent," she told Protocol.
Is she the best person to write the bill?
Kent Nishimura / Los Angeles Times via Getty Image
Some are skeptical about Sen. Lummis' unabashed pro-crypto fervor, given her influence in Congress and fanfare in the industry.
It "calls into question whether she is approaching this bill from the perspective of wanting what is best for society as opposed to wanting what will benefit an industry that she is closely tied to and directly invested in," Dylan Hedtler Gaudette — government affairs manager at the Project on Government Oversight — told Insider. "It's a classic conflict of interest, plain and simple."
But on the other hand, some believe her enthusiasm is an asset in policymaking.
"Senator Lummis' interest in crypto reflects the position of many in the industry, and it's important that all parties be represented in the regulatory conversation as it unfolds," Kenneth Goodwin — director of regulatory and institutional affairs at the Blockchain Intelligence Group — told Insider. "That being said, the bill is substantial in its stance on how to designate crypto assets and enforce breaches accordingly."
As for the nickname bestowed upon her, the "Crypto Queen" of Congress, Sen. Lummis is all for it.
"It makes her laugh," a spokesperson for the senator told Insider. "This community is so passionate."
More: crypto US senator Crypto Regulation
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2022-07-04T14:30:57Z
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Meet Washington's 'Crypto Queen:' Sen. Cynthia Lummis
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https://www.businessinsider.com/senator-cynthia-lummis-crypto-queen-bill-regulation-2022-6
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https://www.businessinsider.com/senator-cynthia-lummis-crypto-queen-bill-regulation-2022-6
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16 promising Web3 startups in Southeast Asia to watch, according to top VC investors
Zac Wang and Weilun Soon
The Xfers founding team.
Xfers
Southeast Asia has emerged as a hotbed for Web3 startup innovation.
The region's young, tech-savvy, unbanked populations are attracted to crypto's utility, say VCs.
Insider spoke to top VCs who identified the most promising Web3 startups in Southeast Asia to watch.
Southeast Asia has emerged as a hotspot for Web3 startups, who have grown thanks to a combination of a largely unbanked population, looser regulations around crypto, and relatively cheap technical talent.
Globally, the recent crypto crash has seemingly done little to cool investor enthusiasm for the nascent Web3 space: A16z, a prominent VC firm investing in crypto, last month announced a $4.5 billion fund aimed at crypto startups, while Binance, the world's largest crypto exchange, announced a $500 million Web3 investment fund of its own.
In Southeast Asia, total VC funding for Web3, crypto and blockchain startups reached $1.45 billion in 2021, according to a report from White Star Capital. Almost $1bn in investment had been raised for startups in this space by June of this year, according to the report.
"The rapid growth of the Web3 sector in Asia and throughout the world serves as a testament that innovation lives everywhere," said Christine Tsai, founding partner of 500 Global, a VC firm operating in the region.
The 2021 Crypto Adoption Index report from blockchain analytics firm Chainalysis ranks Vietnam, Thailand, and Philippines among the top 20 countries in the world when it comes to cryptocurrency adoption. In fact, 17 of the top 20 countries in the ranking are in the developing world, with the US ranking number eight on the list.
Being able to set up crypto wallets and store savings in cryptocurrencies can be appealing to the largely unbanked population in Southeast Asia, which consultancy Bain & Co. estimated at over 70% of the total population in a 2019 report.
"We're seeing some emerging economies gravitate towards Web3 technologies in part because of social, economic and political forces," said Tsai. "Devastating rates of inflation have, for example, heightened interest in cryptocurrencies, which can enable holders to retain value."
Government sentiment towards cryptocurrency and blockchain in countries like Singapore, Thailand, the Philippines, and Indonesia has been fairly permissive so far, in contrast with Europe's recent raft of legislations aimed at taming the crypto "wild west".
And the cost of talent, which sees software developers earn more than $300,000 a year in Silicon Valley, is significantly lower: Glassdoor data shows software engineers in Ho Chi Minh City, Vietnam, for example, get paid around $650 per month, or $7,800 per year.
It was one of the reasons behind Sky Mavis's success, COO Aleksander Larsen told Insider in March. The company released the popular crypto Axie Infinity game last year, which allowed players to own and trade digital creatures. It went on to earn $215 million in a single week in August last year, with Sky Mavis reaching a $3 billion valuation.
Insider spoke to VCs at firms like Lightspeed Venture Partners and DeFiance Capital, all of whom have made significant bets in the space. Here are their picks for the 16 most promising startups building Web3 applications out of Southeast Asia.
XanPool
Xanpool's founders
Picked by: Antler
Relationship: Portfolio
Funding raised: $31.4 million
What it does: XanPool is an open finance infrastructure company that aims to make sending all forms of money across the world faster, cheaper, and at lower risk, including crypto. Its software allows individuals to automate their financial transactions in their own bank accounts, e-wallets, and cryptocurrency wallets.
Why it's on the list: "Xanpool is an open finance infrastructure company that makes sending all forms of money across the world faster, cheaper, and at lower risk," said Dilan Mizrakli Landgraff, Antler's cofounder. The startup aims to position itself as a combination of Mastercard and Visa plus the SWIFT network. However, unlike these financial institutions, Xanpool can settle transactions in crypto by using capital from individuals, physical merchants, remittance networks, and more, in addition to traditional banking partners.
Harbor (goharbor.xyz)
Picked by: Lightspeed Venture Partners
Funding raised: Undisclosed
What it does: Harbor gives Web3 developers a comprehensive set of tools to build, test, and stage their code.
Why it's on the list: "The tooling for [Web3 developers] is as broken as it was for Web2 software toolchains in the 1990s," said Hemant Mohapatra, partner at Lightspeed. "Harbor is going after this problem with a terraform-like approach to declare and then instantly spin-up full fledged testing and staging environments for multiple chains with dynamic customizations around gas fees, faucets, and more."
Tatsumeeko
Tatsumeeko gameplay
Picked by: DeFiance Capital
What it does: Tatsumeeko is an "idle" role-playing game based on Discord , where players can earn drops, experience points and other items while they are "away from keyboard".
Why it's on the list: "We believe that they have one of the highest potentials to be a successful gamified metaverse layer on-top of Discord and the ability to reach an extremely wide audience of casual gamers through Discord, which has more than 150 million monthly active users," said Arthur Cheong, founding partner at DeFiance Capital.
Relationship: Non-portfolio
What it does: Nansen is a blockchain analytics platform for crypto professionals and investors. It allows users to track where funds are moving to, identify new projects or tokens, and perform due diligence on them. The platform also offers in-depth NFT analytics and machine learning-based price estimations.
Why it's on the list: "As a Nansen user, I've found their on-chain analytics tool to be best in class," said Mohapatra. "As the blockchain space grows, it'll get increasingly important to sift signal from noise across an array of chains, and Nansen will play an important role in bringing that clarity."
Finblox
Finblox founders
Picked by: Saison Capital
Funding raised: $3.9 million
What it does: Finblox is a decentralized-finance consumer wealth management platform that allows users to hold their savings in stablecoins, as well as invest them in cryptocurrency like bitcoin and ethereum.
Why it's on the list: "Crypto adoption in Southeast Asia is among the highest globally. The 'Defi-mullet' thesis, where products are built with a familiar fintech [user experience] on the front end but DeFi on the back, will play out strongly for emerging markets where a friendly UX and education are important for mass-market adoption of crypto," said Chris Sirise, partner at Saison Capital.
QuestBook
What it does: QuestBook is a free platform for developers to learn how to code for Web3. Learning tracks include coding for the ethereum, solana, and polygon blockchains.
Why it's on the list: "QuestBook is another Web3 company coming out of SEA that has a very positive trajectory," said Landgraff. "When they first started, QuestBook began teaching developers how to code at no charge and also published over 100 tutorials for anyone to get started which led to 18,000 developers signing up. Since then, QuestBook has also been enabling developers to receive grants for their work."
Phantom Galaxies
Gameplay footage of Phantom Galaxies
Picked by: Animoca Brands
Funding raised: Acquired for $25.8 million
What it does: Phantom Galaxies is a blockchain-based action role-playing game, developed by Blowfish Studios, which was acquired by Animoca Brands. It also lets players purchase avatars and merchandise as NFTs.
Why it's on the list: "The reason we went all-in is that we identified Phantom Galaxies as a fantastic game. It is currently the first real, genuine 'AAA' ARPG on blockchain." said Yat Siu, Animoca's cofounder, referring to action role-playing games with high production value. "We combined the game development talent of Blowfish Studios with Animoca Brands' experience in gaming development, publishing, and, of course, expertise in blockchain. This is absolutely one of our top productions and we have high expectations for it, because we believe its quality and sophistication will appeal to traditional gamers."
OpenEden
What it does: OpenEden provides treasury management for businesses that need to hold crypto assets.
Why it's on the list: "As cryptocurrencies increasingly become adopted as a store of value, companies may choose to hold an amount in their treasuries for payments to vendors or even yield generation," said Saison Capital's Sirise. "Services that make it easy for these companies to have cryptocurrencies in a low-effort yet fully compliant manner will grow in demand."
Polygon's founding team
Funding raised: $450 million
What it does: Polygon is an ethereum sidechain that enables developers to build decentralized apps, or dApps, while avoiding ethereum's notorious gas fees and slow transaction speeds. As a layer-2 network, Polygon doesn't change the underlying ethereum blockchain layer, but acts as an add-on.
Why it's on the list: "Although we are not investors in Polygon (formerly Matic), a leading layer 2 scaling solution for Ethereum, we have a good relationship with the team and actively explore ways we can collaborate," said DeFiance Capital's Cheong. "They have a strong team and have shown their ability to execute. We are particularly impressed with their new Polygon Studio initiative."
Proof of Learn
Proof of Learn founders
Picked by: Wavemaker Partners
Funding raised: $15 million
What it does: Proof of Learn is a Web3 platform that hopes to incentivize anyone with a passion for gaming to become a smart-contract developer and earn an income along the way.
Why it's on the list: "This is one of those occasions where an exceptional founder with strong operating experience meets a world-changing idea," said a spokesperson for Wavemaker Partners. "Education has always been crucial, but it remains unaffordable for many."
Proof of Learn is trying to shift this whole paradigm by reversing the model so everyone can get paid to learn and hopefully land a job within the Web3 space. This creates more opportunities for everyone, while helping entrepreneurs in the Web3 space acquire better talent."
Picked by: Insignia
What it does: Brankas is a Singapore-based platform that offers financial institutions access to financial and identification data, payments solutions, and developer tools.
Why it's on the list: "With their significant presence in the Philippines, a market where there are more crypto wallets than ewallets, they have since expanded their product offerings to include play-to-earn pay-out dispersals, which has been very useful for YGG users especially." said Yinglan Tan, founding managing partner at Insignia, referring to yield guild games, or decentralized autonomous organizations (DAOs) that invest in non-fungible tokens (NFTs) used in blockchain games.
"However, this product is just the beginning of their efforts to build the tech and tools for consumers and businesses in Southeast Asia to have more seamless transactions on and off chain," Tan added.
Axelar
Picked by: Lemniscap
What it does: Axelar builds a decentralized network for secure cross-chain communications and tools that connect users and assets across different blockchain ecosystems.
Why it's on the list: "Axelar is addressing the pronounced industry need for a universal interoperability framework, connecting all blockchain ecosystems, applications, assets, and users," said a Lemniscap spokesperson. "The platform's in-demand value proposition is intrinsically linked to evolving market trends, giving expression to Axelar's expansive growth potential and monetization pipeline."
Xfers founding team
What it does: Xfers aims to simplify financial payments through building localized and customized applications for its clients
Why it's on the list: Xfers have been supporting the development of Singapore's first local stablecoin, XSGD, and, through its own digital payments platform, helped build infrastructure for B2B crypto payments, according to Yinglan Tan, founding managing partner at Insignia.
"In the same way that they were pioneers of localized infrastructure in the traditional B2B digital payments space, they are also playing a similar role in Southeast Asia's Web3 ecosystem, building specifically for the needs of markets in the region," said Tan.
Funding raised: $5 million
What it does: STEPN is a Solana-powered mobile NFT "move2earn" game where players walk, jog, or run outdoors with NFT Sneakers to earn tokens. The startup says it wants to encourage users to get fit, work out more, and play their part in contributing to carbon neutrality.
Why it's on the list: "STEPN is at the vanguard of innovation when it comes to bridging the gap between mainstream users and the crypto realm, providing a robust bridge between the digital crypto world and the millions of users who have yet to explore the space in any great detail," said a Lemniscap spokesperson.
"This will be transformative for the wider crypto sphere, with move2earn serving as an experiential gateway for mass adoption, bringing large swathes of users to this burgeoning ecosystem," the spokesperson added.
Blocto
Picked by: AppWorks
What it does: Blocto is an integrated crypto wallet that allows users the ease of logging in with just their emails and biometrics, safely store cryptocurrencies, seamlessly launch 3rd-party dapps, and trade NFTs—all through a carefully crafted user experience that matches state-of-the-art app designs. Blocto supports multiple blockchains, including Flow, Ethereum, BSC, Solana, Avalanche (c-chain), and Polygon and is the most popular wallet amongst Flow token holders.
Why it's on the list: "Moving with fast speed, Blocto is not only the first smart contract-based wallet that supports the Flow blockchain ecosystem but the builder of several other applications such as Bloctoswap and Bloctobay. The team has great engineering ability and can always convince partners to work with them," said Ching Tseng, principal at AppWorks.
Perpetual Protocol
What it does: Perpetual Protocol is an on-chain perpetual futures DEX with deep liquidity and builder-ready composability.
Why it's on the list: "Perpetual Protocol was one of the leading futures DEX built by founders from Taiwan. Perpetual protocol continues to provide the most advanced technology to its users," said Ching Tseng, principal at AppWorks.
More: Features Web3 crypto
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2022-07-04T14:31:03Z
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Southeast Asia's Top 16 Web3 Startups, According to Top VCs
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https://www.businessinsider.com/southeast-asia-top-web3-startups-according-to-vcs-2022-7
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https://www.businessinsider.com/southeast-asia-top-web3-startups-according-to-vcs-2022-7
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Software company Sprinklr just laid off dozens of staffers in its marketing department
Sprinklr CEO Ragy Thomas.
Martech company Sprinklr recently laid off at least 50 staffers in its global marketing department.
The firm says it is restructuring the unit under its new CMO as it focuses on more efficient growth.
The cuts come amid a slew of recent layoffs in the tech sector.
Sprinklr, the publicly traded customer experience software platform, laid off dozens of its employees late last month, Insider has learned.
The cuts affected at least 50 roles in the company's global marketing department, sources with knowledge of the situation said. Impacted employees were notified late last month.
A spokesperson for the company, which is headquartered in New York, confirmed the layoffs, but declined to comment on the exact number of staffers let go. More than 4,000 people on LinkedIn list that they currently work at Sprinklr, though this likely includes part-time roles.
"Sprinklr made the business decision to reorganize our marketing function under the leadership of our new CMO, which resulted in the elimination of some roles in marketing," said a Sprinklr spokesperson in a statement.
Founded in 2009, Sprinklr offers clients including L'Oréal, UBS, and IKEA software that helps them manage their relationships with their customers and market to them on digital channels like social media sites, messaging apps, and their own websites and call centers. The company generates revenue by selling subscription software licenses.
The new CMO, Arun Pattabhiraman, joined Sprinklr in May this year from India-based business-to-business software company Freshworks, where he was the firm's chief growth officer.
News of Sprinklr's cuts mark the latest in a slew of tech layoffs this year, with many firms citing a slowdown in growth, increasing labor costs, rising interest rates, and fears about an impending recession . More than 22,000 US tech workers were laid off between the start of the year and the end of June, according to Crunchbase News.
"Our first priority is to support those affected with the greatest care and respect," the Sprinklr spokesperson's statement continued. "We then must create a unified marketing function, hire the right roles in the right areas, and organize marketing to continue to help deliver profitable growth to the business."
Sprinklr beat its own guidance by posting a 31% lift in revenue year-on-year in its most-recent quarter, but the company warned that this growth could slow. Sprinklr execs said the company faces "tougher compares for the remainder of the year," which reflect its strong 2021 performance but also the challenges of the broader macroeconomic and geopolitical environment. Its operating loss widened to $23 million in the three months to April, up from $10.5 million in the year-ago quarter
Sprinklr's stock is trading down by more than a third in the year to date.
On the company's June earnings call, Sprinklr CEO Ragy Thomas said that while the company hadn't seen a slowdown in demand for its product, there had been a recent uptick in conversations with customers about "uncertainty and pullback" more generally.
"We are heavily focused on efficient and profitable growth, and restructuring marketing under our new CMO will enable us to right-size our program spend to generate sales pipeline and growth at scale," said the Sprinklr spokesperson in a statement.
More: Sprinklr Customer Experience Layoffs
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2022-07-04T14:31:09Z
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Sprinklr Lays Off Global Marketing Staffers
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https://www.businessinsider.com/sprinklr-layoff-marketing-department-martech-2022-7
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https://www.businessinsider.com/sprinklr-layoff-marketing-department-martech-2022-7
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Russian-flagged cargo ship Zhibek Zholy is seen off the coast of Black Sea port of Karasu, Turkey, July 3, 2022
Mehmet Emin Caliskan/Reuters
The Russian ship Zhibek Zholy carrying 7,000 tons of grain was detained Monday by Turkey.
Ukraine wants it arrested, saying the grain onboard was stolen in a geopolitical gambit.
Ukraine has accused Putin of blocking food exports and redeploying them to further his war aims.
Turkish authorities detained a Russian ship carrying grain stolen from Ukraine, Ukrainian officials said.
Anton Geraschenko, an advisor to the Ukrainian government, discussed the move in a Monday Telegram post, citing Ukraine's ambassador to Turkey.
He said Ukraine would like to see the ship Zhibek Zholy arrested and the grain confiscated.
As of Monday afternoon local time, ship-tracking website Marine Traffic showed the Zhibek Zholy at anchor around 1km off the port of Karasu on the Black Sea, a position it has held since Friday, Politico reported.
It picked up the grain from the port of Berdansk in Zaporizhzhya, a Ukrainian region occupied by Russia, the ambassador told Reuters.
Russian authorities there hailed it as "the first commercial ship" to leave the region since the war, a claim which experts derided as a "farce," Politico reported. Their conclusion was that cargo — 7,000 tons of grain — was likely stolen.
The accusation of theft by Ukraine is the latest step in what officials in the country — as well as its Western allies — have termed a deliberate attempt by Russia's President Vladimir Putin to selectively starve the world by blocking and redeploying Ukrainian food exports.
Since Russia invaded, exports have largely halted, depriving many nations in North Africa and the Middle East of staple foods for which they rely on from Ukrainian agriculture.
On June 23, British Foreign Secretary Liz Truss said that Putin was "weaponizing hunger" as a "callous tool of war."
—Liz Truss (@trussliz) June 23, 2022
Putin has denied widespread accusations that his ships are both blockading Ukrainian grain and also stealing it to be shipped by Russia.
He argued on June 30 that western sanctions on Russia, not its own actions in the war, were at the root of the crisis hitting global food markets, Reuters reported.
Ukraine has accused Russia of stealing from farmers in occupied territory for weeks, and analysts have said Russia is indeed strategically weaponizing of the food supply, as The Wall Street Journal reported.
As of early May, Ukraine's Deputy Agriculture Minister Taras Vysotskiy said that Putin's forces had exported 441,000 tons of likely stolen grain from four occupied regions, The Washington Post reported.
Turkey has so far refused to join sanctions on Russia, positioning itself as a peace broker. It has allowed the nation's oligarchs to shelter their mega-yachts — a high-profile sanctions target — in its waters.
However, last week the country dropped its former objections to Finland and Sweden joining NATO, a move that was likely to displease the Kremlin, which opposes NATO expanding to include nearby countries.
More: russia ukraine Shipping food crisis Turkey
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2022-07-04T15:57:54Z
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Turkey Detains Russia Ship Ukraine Says Stealing Grain on Putin Orders
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https://www.businessinsider.com/turkey-detains-russian-ship-that-ukraine-says-full-stolen-grain-2022-7
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https://www.businessinsider.com/turkey-detains-russian-ship-that-ukraine-says-full-stolen-grain-2022-7
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We got an exclusive look at the 24-slide LP deck European climate fund Climentum Capital used to close the first batch of its $156 million fund
Climentum Capital general partners Morten Halborg, Yoann Berno, Dörte Hirschberg, and Stefan Maard.
Climentum Capital
Climentum Capital has closed the first batch of its 150 million euros ($156 million) fund.
It will invest in early-stage European startups with the potential to reduce one megaton of Co2 annually.
We got an exclusive look at the pitch deck it used to convince LPs to invest.
A venture capital firm committed to investing in startups that clamp down on Co2 emissions has closed the first batch of its 150 million euros (around $156 million) fund.
Climentum Capital, which first launched in 2020, has taken two years to reach the initial close of Fund 1. The investor will write checks of up to 5 million euros to companies between the seed and Series A stages in Europe.
Climentum general partner Yoann Berno said raising during an economic downturn and a pandemic was not easy, but that climate tech was a safe bet.
"Climate tech will occupy the rest of our days – it's not going away," he told Insider. "It's the number one asset class of the future."
This was driven by a number of macro trends including consumer demand, regulation, shifting corporate spending and strategies, and increased pressure on energy, he added.
Climentum, which is a combination of 'climate' and 'momentum', will invest in companies that must be able to, at full scale, reduce one megaton of Co2 or equivalent annually. The firm has started investing but is waiting for deals to close.
Berno, a serial entrepreneur-turned-investor, has launched the fund alongside angel investor and former founder Dörte Hirschberg, ex-financial services executive Morten Halborg, and former impact lead at a Danish biotech Stefan Maard. A fifth partner is yet to be announced, but Berno said it was a Stockholm-based woman with deep tech expertise.
Climentum is eyeing startups in six high emitting categories, referred to as "strike zones": the next generation of renewables, food and agriculture, industry and manufacturing, buildings and architecture, transport and mobility, and waste and materials.
The investor has an advisor with industry knowledge or a PhD for each so-called strike zone, Berno said.
Climentum has also created a shortlist of 20 target startups within each category and is looking looking for solutions to specific problems such as how drone technology can accelerate reforestation or better manage forestry, better food redistribution, insect farming, and algae as a form of direct capture.
Carbon reduction potential is at the core of Climentum's investment strategy, Berno said. The firm conducts a full life-cycle analysis of startups in its deal pipeline to determine who will be a "carbon winner" and meet its one-megaton criterion.
It is an Article 9 fund under EU regulation, meaning it must adhere to additional impact reporting requirements and only make sustainable investments. Climentum has a dual carry structure, Berno said, so partners are only rewarded with a percentage of profits once both financial and impact targets are met.
Although climate tech is often cited as needing patient capital, Climentum wants to see results in five to seven years. This will help assess whether its new structure works and signal to newer funds where they should be investing, especially as the debate around climate mitigation and adaptation continues, Berno said.
Climentum's current LP base includes chemical multinational BASF's venture capital arm, Danish bank Arbejdernes Landsbank, Danish Growth Fund Vaekstfonden, and tech entrepreneurs. There is more awareness of climate issues in the Nordics, Berno said.
"That's why our LP base is very Nordic-centric. There's a level of maturity in their thinking in Scandinavia and the Nordics that you don't find elsewhere."
The fund, which is remote-first and based across Stockholm, Berlin, and Copenhagen, expects to reach its final close by the end of 2022.
Check out the redacted deck it used to bring LPs on board below.
More: Features Pitch Deck Venture Capital Fundraising
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2022-07-05T08:36:30Z
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Climentum: Climate Investor Reaches First Close of $156 Million Fund
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https://www.businessinsider.com/pitch-deck-climate-fund-climentum-156-million-fund-2022-6
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https://www.businessinsider.com/pitch-deck-climate-fund-climentum-156-million-fund-2022-6
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6 top mobility VCs reveal what they're looking for in startups and founders as the economy slows
Six top mobility VCs, including The Engine's Milo Werner, told Insider what they're looking for even with the economy slowing.
There is widespread concern about today's market downturn impacting the funding space.
But plenty of autotech venture capitalists are still seeking out new investment opportunities.
Six top mobility VCs told Insider what they're looking for even as the economy slows.
Today's market downturn has everyone worried, especially budding entrepreneurs at startups seeking cash and looking to get off the ground this year.
In the realm of autotech, founders developing new charging technologies, new battery chemistries, new supply chain strategies, and more are looking for funding to bolster what could be solutions to the industry's biggest challenges in its pivot to electrification.
After a record $97.7 billion in funding toward mobility in 2021, per PitchBook's count, the space saw a 20% decline in its number of deals since the first quarter last year, and just $13.9 billion in funding over that period.
Yet top venture capitalists in autotech and mobility are still investing.
These investors see this time as an opportunity to tap into promising young companies, and are being thoughtful about the opportunities they seek out.
Six top mobility VCs told Insider what they're looking for even with the economy slowing.
Long-term viability, with a software focus
The market environment hasn't changed the opportunities Rachel Holt, cofounder and general partner at Washington, DC-based firm Construct Capital, sees.
"We're looking for things that we think are going to be good investments in seven to 10 years, not just around the corner," Holt told Insider. "I think there's now nuance around the progress that companies need to make for the next round of funding, and there's nuance around how pricing has come back down to earth in terms of what an appropriate price to pay for a seed or Series A is, but the opportunity set we don't really see as having meaningfully changed.
"We are not necessarily going to be the hardware-only investors," Holt added. "We really do believe there needs to be a software business model that goes along with it. We're a relatively small, early stage fund. Just from our funds thesis, we're not going to be the ones to do massive, huge hardware infrastructure projects."
Solid business economics
Much like long-term viability, Katie McClain, partner at Chicago-based Energize Ventures, says she takes a critical look at the startups she is considering investing in by examining their metrics.
"We look for companies that have really solid business economics, business models," McClain said.
"With our focus on digital solutions, avoiding the hardware, avoiding some of these more moonshot-type investments, we think that we will be insulated some because with a software company, you can both scale it much more quickly, but then also really hunker down if you need to in these more difficult market times."
McClain is also looking for a shift in startup valuations.
"We're seeing valuations come down," McClain said. "We hope to continue to see them come down even further. That's really great from an investor side of things. We're excited about the opportunity, both for us as investors and then also for our portfolio companies, for any potential M&A opportunities that will become much more opportunistic and affordable."
Early stage, 'breakthrough' tech
There's always a desire for "breakthrough technology," said The Engine general partner Milo Werner.
"We focus on investing in founders that are transitioning really breakthrough science from the lab to commercialization," Werner said. "There's definitely a lot more scrutiny on the business plan: how are you going to make money? What part of this appeals to the market? How have we seen commercialization in this space play out historically?"
"When you think about which stages of investment weather froth in the market, the early stage really weathers it very well, because these companies won't be coming to commercialization for eight to 10 years," she added. "I think there is going to be an area of opportunity in developing the next-gen, tier one energy management systems, and I'm thinking of everything from the charge port to the battery."
Tech driven by regulatory tailwinds
One surefire way Clara Brenner, cofounder and managing partner at the Bay Area-based Urban Innovation Fund, knows a startup is likely to succeed is if it is driven by regulatory and policy tailwinds.
"We try to look for regulatory tailwinds in the space to tell us where the market is going," Brenner said. "We do place a special emphasis on regulatory and political support just because we've seen it be a real area of need for many of our portfolio companies."
For example, the firm led the seed round for Electriphi, a startup developing software for electric fleets that was later acquired by Ford. The Biden Administration has since prioritized electrifying the federal fleet.
"Onshoring battery development is very top of mind for a lot of regulators right now. Fleet management is an area that we really like as well," she added. "Anything that really touches issues of livability, sustainability or economic vitality in cities is something we would look at."
New 'fundamental technologies'
Recreating the wheel isn't going to cut it for Palo Alto, California-based Playground Capital, an early-stage, deep-tech firm, said general partner Laurie Yoler.
"If it's the twelfth company in an area, we're probably not going to invest. If someone is using existing vehicles to do delivery a different way, that's probably not something that we're going to invest in, because we like to see some kind of new fundamental technology," Yoler said.
"We also go in early where there's usually quite a bit of technology risk, because we're a firm of technologists who will make big bets when there's potentially a technology breakthrough that can really help improve and sometimes disrupt a market, meaning do something a better, more efficient, faster way."
Yoler said startups working on supply chain resiliency and lower impact raw materials mining are top of mind, and she's also seeking out more innovation in EV technologies.
"I'm not seeing a ton of innovation in the software, in the charging infrastructure yet," Yoler added. "It comes down to great vehicles with great software that consumers want with a terrific user interface. I think there's still a lot to improve in the user interface as well."
Experienced founders willing to partner
Kai Daniels, a senior associate at GM Ventures, the in-house VC arm of the Detroit-based automaker, said she sees this as a period of opportunity, especially to find experienced founders willing to collaborate and partner.
"We need people who are industry leaders in their field, whether you're a PhD or you have a lot of operational experience to get to this point of being a founder of an advanced technology or advanced innovation company," Daniels said. "We're really looking for those types of persistent, passionate founders that we can create true partnership with."
"With some of the elements of what's happening in the economy, it's a great opportunity for founders to focus in on what makes them very unique to the marketplace and a growth strategy that supports that," she added.
More: Features Transportation Startups
Market Downturn
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2022-07-05T10:36:40Z
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Top Mobility VCs Reveal What They're Looking for Despite the Economic Slowdown
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https://www.businessinsider.com/top-mobility-vcs-reveal-looking-for-startups-founders-despite-economy-2022-6
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https://www.businessinsider.com/top-mobility-vcs-reveal-looking-for-startups-founders-despite-economy-2022-6
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7 hot 5G startups that investors are betting on to bring the next generation of connectivity to the business world
Movandi founder and CEO Maryam Rofougaran.
5G has the potential to bring higher bandwidth and more precise data to the enterprise.
Several startups use 5G to help businesses communicate and automate systems.
From private networks to chips, these startups are worth betting on as 5G continues to expand.
5G has the potential to be a gamechanger for the enterprise. More than half of businesses plan to invest in 5G by 2025, according to a recent survey of 1,000 organizations conducted by research firm EY.
There are several potential benefits firms could reap by embracing 5G. Faster speeds allow for more granular and precise location data, and 5G offers greater bandwidth to transfer large data sets. And it can be more secure.
Additionally, 5G has also been lauded by many for its low-latency connections, meaning data has to travel a much shorter distance to be processed. Some firms are using 5G to automate shipping processes, improve quality control, and track inventory.
Still, it can be overwhelming taking a complete view of the 5G landscape. To get a better sense of the emerging technologies and use cases for 5G and what companies are doing to make the technology standard useful for the enterprise space, Insider compiled a list of several startups working to bring the new service to clients and consumers alike.
The work of these firms' ranges from setting up private 5G networks to artificial intelligence. The startups featured on this list were evaluated on funding, leadership, and other criteria to help determine which will stick around.
All of the valuations are according to Pitchbook data unless noted otherwise.
These are the 5G startups worth betting on, in order of least to most capital raised:
Eyecandylab
CEO of Eyecandylab Robin Sho Moser.
Eyelabcandy
Total funding: $1.5 million
Valuation: $7.51 million
What it does: Software firm Eyecandylab works with telecom firms to use 5G for augmented reality experiences. It works with firms like entertainment conglomerate ViacomCBS and retail company Adidas.
Why it's a good bet: The metaverse has potential for businesses to reach customers in new ways, but the enterprise may struggle to get there. Eyecandylab works with cellular carriers to build 5G networks that can handle processing augmented reality. That makes Eyecandylab a good bet for those who want to build metaverse experiences.
A cell tower in Pennsylvania, recently equipped with 5G service.
Headquarters: San Jose, California
Total funding: $4.22 million
Valuation: $12.5 million
What it does: Aarna Networks sells a software platform to manage 5G networks and provide analytics for telecommunication companies and private enterprises. Aarna's platform can be used for edge computing, or data processing closer to the source.
Why it's a good bet: The transition to 5G for business and telecom firms can be rocky. The companies have to switch over apps, deal with gaps in coverage, and manage a large network. Aarna Networks sells a product already in use by several telecom companies to try and make the transition easier, according to the startup. And it has buy in from semiconductor giant Intel.
ZaiNar
ZaiNar CEO Daniel Jacker.
Headquarters: Belmont, California
Total funding: $16.7 million
Valuation: not disclosed
What it does: ZaiNar uses radio signals, 3D mapping, and location data to help businesses in the supply chain industry track cargo and other assets.
Why it's a good bet: 5G's ability to allow for a greater flow of data means firms can have access to a greater degree of location data. One of the projects ZaiNar is working on is warehouse mapping, allowing for businesses to have more access to inventory management. The company has the attention of some big venture capitalists, inlcuding SoftBank, and currently has several job openings across its engineering departments.
EdgeQ
EdgeQ CEO Vinay Ravuri.
Headquarters: Santa Clara, California
Total funding: $51 million
What it does: EdgeQ works to create smaller and power-efficient chips for enterprise 5G networks. The firm's chips use both 4G and 5G with a heavy emphasis on artificial intelligence computing.
Why it's a good bet: EdgeQ has a high-profile, well-established team behind its product. The startup has added several prominent members to its board, including former Federal Communications Commission chairman Ajit Pai. It also employs several former Broadcom, Intel, and Qualcomm workers.
Arrcus
Arrcus CEO Shekar Ayyar.
Shekar Ayyar/YouTube
What it does: Arrcus sells networking software, focusing mostly on edge computing or bringing data processing closer to the source. It's also moving into 5G routing and security services.
Why it's a good bet: The company has attracted the attention of big-name investors like SoftBank and Samsung's investment arm Samsung Next. Plus, Arrcus is hoping to position itself to help companies take advantage of edge computing on 5G networks.
Headquarters: Irvine, California
Total funding: $90 million, according to company
Valuation: $250 million, according to company
What it does: Movandi focuses on building radios and chips to help expand 5G millimeter wave coverage, the faster and more sought after band of cellular spectrum. It also builds products that use 5G to improve clients' artificial intelligence and in-house systems.
Why it's a good bet: Movandi was started by former Broadcom executives and staff. It has gotten a lot of attention from investors and major firms. For example, it partnered with Qualcomm to create more 5G chips that are milimeter wave-enabled.
Celona
Celona's founders left to right: Rajeev Shah, Ravi Mulam, Vinay Anneboina, and Mehmet Yavuz.
Headquarters: Cupertino, California
Total funding: $100 million
What it does: Celona brings private 5G service to the enterprise using the software-as-a-service model, offering a management software platform, hardware, and everything else companies need to launch their own network in a single package.
Why it's a good bet: Celona seeks to capitalize on the enterprise's desire to access 5G through a private network. Celona has gotten the attention of Verizon and Google, who have announced partnerships to provide parts of their networks to Celona.
More: Features enterprise 5g 5g rollout
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2022-07-05T12:31:08Z
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7 5G Startups Telecom Giants and VCs Are Paying Attention to
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https://www.businessinsider.com/5g-startups-to-bet-your-career-on-2022-6
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https://www.businessinsider.com/5g-startups-to-bet-your-career-on-2022-6
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Amazon Web Services wants to help decrease your cloud bill, but partners say it's all part of a master plan for market dominance
Mark Schwartz, an enterprise strategist at AWS.
Amazon Web Services wants to help its customers save on cloud bills, a company leader told Insider.
It has helped clients like Airbnb cut its cloud costs, which can rack up quickly if unmonitored.
AWS knows customers spend more on cloud in the long term if they get savings now, its partners say.
Cloud-computing leader Amazon Web Services wants its customers to save money.
Or, at least, undo its reputation for allowing customers to rack up high cloud bills and charging "artificially high" fees, which customers, competitors, and investors have called out AWS for doing.
"When the pandemic started, we started to work with a lot of customers on how they can reduce their cloud costs," said Mark Schwartz, an enterprise strategist at AWS. "But that's not just special for the pandemic."
The cloud giant, which has a 38.9% share of the market, according to analyst firm Gartner, has become a poster child for the surprise cloud bill that customers now dread. But an in-house team of former chief information and technology officers, who talk to over 1,000 companies each year, are helping customers save on their AWS costs, according to Schwartz.
The advisory team has been around since 2016, but reupped its mission to cut costs in response to the pandemic. With the recent market downturn, those costs have become even more pressing. The team has had conversations with customers like Airbnb — which has a multiyear contract with AWS worth at least $1.2 billion — and car-rental giant Avis about reducing cloud costs during the pandemic, Schwartz said.
The idea is that if they save more now, they'll become more loyal, bigger-spending customers in the future.
"Our view is that if we can make customers more successful in the cloud, that is going to determine the future of the cloud," Schwartz told Insider. "I'm going to customer executives and saying, 'How can I help you be more successful?' And that's really the long game for us."
Still, the idea of Amazon encouraging its own customers to spend less money seems incongruous. Amazon's cloud business is a major revenue driver for the company, bringing in $18.44 billion in the previous quarter alone.
It's also a fierce competitor, notably for competing against its own allies, and unlikely to willingly cede customer dollars to a cloud rival. One of those rivals, Oracle, has aimed to use frustration with Amazon's cloud costs to its advantage by slashing its own base prices to compete.
And while cloud experts generally agree it's hard to compare pricing between cloud vendors because of discounting and variability in their services, they also say AWS stands out for its cost because it's so widely used.
Either way, helping customers save money now is a savvy business move, Neil Lomax, the president of sales at AWS IT partner SoftwareONE, said. Customers spend more in the long term once they start using a certain cloud platform and see they're saving money, he said.
"They're very happy to see a customer's cloud consumption go down over two or three quarters," Lomax said. "They know that if they do that, the customer will come back stronger because they get way more confidence in that cloud environment."
AWS and other cloud providers cut costs with discounts and FinOps
To help grow confidence in its services, Schwartz said AWS offers customers discounts on their cloud contracts and ways to track cloud costs within an organization.
It offers volume-based deals such as reserved instances and savings plans, which gives the customer a deal on the sticker price for committing to a certain amount of cloud usage. Microsoft and Google also offer discounts for an upfront commitment, but their plans can be considered more flexible than Amazon's, Corey Quinn, the chief economist at cost-management firm The Duckbill Group, previously told Insider.
AWS also provides tools for "getting transparency" into cloud spending, Schwartz said, though those products have been criticized for not being sophisticated enough to help customers figure out where they're actually spending too much.
"The cloud vendors do not make it easy to figure out, 'My bill just skyrocketed from $10,000 to $100,000 this month. Why?'" said Joe Duffy, the CEO of Pulumi, a cloud startup that primarily uses AWS.
But there are other approaches to cloud savings that companies can deploy, no matter which vendor they use.
FinOps, or cloud finance management, encourages developers to take accountability for what they spend on cloud. The executive director of the Google-backed nonprofit FinOps Foundation, which was established to certify professionals in such management skills, told Insider last year that all the major cloud providers are in talks to join the group.
While AWS isn't an official member yet, Schwartz says he recommends the FinOps method to customers. There's also a growing market of third-party software that aims to help rein in cloud costs.
"If you don't get your hands around it, then everybody starts to lose confidence in the bill that comes through every month," Lomax said.
Cloud spend is under scrutiny again amid market downturn
The criticism of AWS isn't just for what it charges per gigabyte or second of computing usage — it also charges fees for moving data from place to place, which can deter customers from switching to other cloud providers.
The recent market downturn has ratcheted up that criticism. Companies are under growing pressure to reexamine where they're spending their cash, and that has put the cost of cloud under greater scrutiny, said Martin Casado, a general partner at venture-capital giant Andreessen Horowitz.
"This is an oligopoly, it's three companies that control everything and they've been able to maintain margins for a decade," he said, referring to AWS, Microsoft, and Google.
Any cost savings aside, Casado argues that the overall cost of cloud is still too high because of the margins those cloud giants put on top of their cloud services.
But Schwartz says that the flexibility of cloud, which can be dialed down when business is slower, is a value proposition that wins out regardless of any economic environment.
"We're often advising customers, I know it sounds odd, on how to reduce their cloud costs," he said. "We want part of the value proposition for the cloud to be cost optimization."
More: Amazon Web Services AWS Cost Cutting Cloud Computing
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2022-07-05T12:31:14Z
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Amazon Wants to Lower Your Cloud Bill, Knowing You'll Spend More Later
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https://www.businessinsider.com/amazon-web-services-wants-customers-to-spend-less-on-cloud-2022-6
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https://www.businessinsider.com/amazon-web-services-wants-customers-to-spend-less-on-cloud-2022-6
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Here's the 11-slide presentation digital-health startup Podimetrics used to land $45 million for its remote-monitoring tech
Around 130,000 patients with diabetes get amputations every year in the US.
Remote-monitoring startup Podimetrics pulled in a $45 million Series C round in March.
The company's tech helps prevent amputations in patients with diabetes.
Podimetrics partners with health plans to provide its temperature-detecting mat to patients at home.
The diabetes -care market is booming. With dozens of digital-health companies like Livongo and Omada Health offering solutions for managing the chronic disease, the worldwide market for type 2 diabetes was worth $29.8 billion last year, and analysts expect that number to double by 2030.
Podimetrics is tapping into the market from a different angle — preventing diabetic amputations.
Jon Bloom — the CEO of Podimetrics and a former anesthesiologist — said he remembers spending days in the operating room helping surgeons perform amputations. Amputations in diabetic patients make up about 130,000 of the 200,000 total amputations performed in the US each year.
Dr. Jon Bloom, a cofounder and the CEO of Podimetrics.
Podimetrics
Bloom and his cofounder David Linders — who is now the chief technology officer at Podimetrics — started the company in 2011 as graduate students at the Massachusetts Institute of Technology Sloan School of Management. Together, they set out to create remote-monitoring technology to identify inflammation in the feet of diabetic patients before the patients would need amputations.
In March, the company announced it had raised $45 million in Series C funding. D1 Capital Partners led the round, joined by the Medtech Convergence Fund, an undisclosed strategic investor, and existing investors Polaris Partners and Scientific Health Development. Since its founding, Podimetrics has raised $73 million.
Bloom said the company's tech, a heat-sensing mat, has been commercially available since 2017. Patients step on the mat for 17 seconds each day, and the mat collects data on temperature changes in the feet, looking for "hot spots" of dying tissue that aren't receiving proper blood flow.
If the mat detects a persistent hot spot, Podimetrics' virtual clinical team helps the patient either by providing techniques to help them address it on their own — like avoiding putting weight on the inflamed side for a period of time to allow it to heal — or by directing them to an in-person doctor.
Podimetrics provided Insider with the presentation it used to land the $45 million round. According to a Podimetrics spokesperson, the presentation was edited to remove sensitive or proprietary company information.
Here's the 11-slide presentation Podimetrics used to raise $45 million in Series C funding.
Podimetrics helps diabetic patients avoid lower-limb amputations with its remote-monitoring tech, a mat that users stand on for 17 seconds each day.
The company's FDA-approved mat measures temperature changes in the feet when a patient stands on it, looking for "hot spots" of inflammation where there is damaged tissue.
Bloom said identifying and responding to those hot spots quickly can help patients avoid infections and amputations.
Bloom said there are countless billing codes related to diabetic amputations, so health insurers often aren't aware of how big the problem is.
About a third of patients around the world with type 2 diabetes have cardiovascular disease. Peripheral-artery disease, where patients experience blocked blood vessels typically in the legs and feet, is one type of cardiovascular disease.
Patients are also at a greater risk of blocked blood vessels as they age. Roughly 29% of diabetic patients over the age of 50 have peripheral-artery disease.
Lower-limb ailments — including amputations and infections from a lack of blood flow — comprise up to a third of diabetes-care costs.
A third of patients with diabetes globally will develop a diabetic foot ulcer in their lifetimes resulting from lack of blood flow, which can necessitate an amputation if the patient doesn't seek treatment.
Bloom said equity is core to Podimetrics' business model — Black Americans are at disproportionate risk for diabetic amputations.
In a clinical trial of Podimetrics' technology conducted in partnership with Kaiser Permanente, nearly two-thirds of the study participants were Black.
By partnering with health plans, Podimetrics gets paid when patients use the mat a minimum number of times per month. Bloom said insurers can also choose to purchase Podimetrics' services on an annual basis, which includes mats and clinical support from the company.
Bloom said the company negotiates with insurers to get paid when patients use the mat at least twice a week, which he said is enough for the mat to collect sufficient data on temperature changes in the feet.
Podimetrics employs nurses that review information produced by the mat and guide the patient through next steps. That team is now entirely virtual.
The FDA-approved Podimetrics' mat in 2015. The company has completed eight clinical studies since then to back up its technology.
Bloom said Podimetrics is now taking risks on outcomes like hospitalization rates and amputation rates. Reducing their prevalence can significantly decrease the total cost of care, he said.
Since clinical evidence now supports its mat, Podimetrics is shifting to research outcomes and costs of care for diabetic patients, Bloom said.
As the market shakes up, Bloom said Podimetrics hasn't seen any changes to its growth — in fact, "our patient is probably more worried than ever," he said.
More: Features Dispensed Podimetrics
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2022-07-05T12:31:50Z
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See the Presentation Podimetrics Used to Land $45 Million Series C
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https://www.businessinsider.com/podimetrics-pitch-deck-45-million-series-c-diabetes-funding-2022-6
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An engineer who's been running the numbers to retire early says savings are most vulnerable the first 5 years of retirement — even more so in a recession
Lauren Boland.
Courtesy of Lauren Boland
Lauren Boland is a software engineer who built a FIRE calculator to help people do the math on early retirement.
She cited "sequence of returns risk" as the reason why now is a bad time to retire early.
While the recession is worrying in the short term, Boland thinks that it will be fine in the long term.
With a looming recession and high inflation on the horizon, would-be retirees nervously watching their stock portfolios take a dip may be wondering what this means for their plans.
Lauren Boland may have some idea.
Boland is a software engineer who created a free retirement simulator called cFIREsim. The simulator, which was first released nine years ago, helps users fine-tune their saving strategies by inputting their own numbers, from portfolio allocation to expected Social Security to spending plan. Popular within the online Financial Independence, Retire Early community, she told Insider that she "lives and breathes" the FIRE movement on a daily basis.
So what does the predicted recession mean for early retirement? According to Boland, it means the first five years of retirement are more fragile than ever.
A recession hurts the most immediately after you retire
"The first five years of your retirement are the most important to not have a recession happen because as your portfolio starts to drop, the money you have to pull out for expenses is a higher percentage of your portfolio," Boland said.
She added that "that may seem like not a big deal in the moment," and won't necessarily lead to you draining your accounts right away, but it has really bad long-term effects. "You might not make it to the end," she added. This concept is known as "sequence of returns risk."
Sequence of returns risk indicates that when you are withdrawing from a portfolio in a bull market (market going up), the pulls you are making will be offset by new gains. In a bear market (market going down), those pulls will not be offset by gains, and your steadily shrinking portfolio will not benefit from as much compound interest over time.
Here's some light math to illustrate the point: Taking $30,000 out of a $1 million portfolio is 3% of that money, leaving $970,000 to earn interest over time. But if your investments take a hit – like they might in a recession — and your portfolio drops to $700,000, that same $30,000 withdrawal is 4.28% of your savings, and leaves $670,000 to grow over time. Just like investments made early in life have an outsized impact on compound interest (where interest earns interest on itself), investments lost early in retirement can do the same.
Because early retirees tend to have longer retirements than someone who retires at the traditional 65, and therefore need their savings to last longer, a first-five-years hit to their savings could make a disproportionate difference. Boland isn't the only person cautioning early retirees about their first years of withdrawals — she points to the Mad Fientist in particular as someone on the same page.
But a recession isn't forever
Boland said that while she was planning to take the leap and launch her own early retirement by the time she hits age 45, she and her wife have decided to wait and see what happens over the next few years and watch to see if the market gets better, saying they were "90% of the way there" prior to the most recent market downturn. However, she's not completely pessimistic.
"I'm not worried about it totally derailing our plans," she said. "I'm confident that sometime, it will recover."
This isn't Boland's first recession, either. She had been in the workforce and contributing to her retirement accounts for about five years when the 2008 hit and tanked the market. "I watched all my accounts practically disappear; it felt really hard then," she said. "But having a plan and continuing to stay the course is really what FIRE is all about."
Boland added that many people in the FIRE movement are generally predisposed to be more conservative in their estimates, and save much more than they would probably realistically need, due to the need for extra padding for those who are still trying to retire early.
She said those who are as interested in retiring early as she is remain "especially focused on the numbers. They do a lot of calculations to plan for the worst case scenario."
PERSONAL FINANCE A man who retired at 34 explains the under-the-radar strategy he used to minimize taxes on years of income
ECONOMY CEOs are warning of a recession. Here's what they're saying, and their advice on how to prepare.
PERSONAL FINANCE I didn't join the FIRE movement to escape the working world. I did it to build a life my ancestors could only dream of.
More: Early retirement FIRE movement Retirement Recession
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2022-07-05T14:19:22Z
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Why Early Retirement Savings Are Most Vulnerable in the First 5 Years
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https://www.businessinsider.com/early-retirement-savings-most-vulnerable-first-years-2022-7
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https://www.businessinsider.com/early-retirement-savings-most-vulnerable-first-years-2022-7
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How an Instagram account of the friendship between a beagle and a cat became a full-time business for their owner and how much money it's made in 2022 so far
@thebeagleandthebun / Instagram
27-year-old Megan Cottone runs an Instagram account featuring her dog and cat, who are friends.
Cottone didn't accept brand deals until late last year and only works with those she'd use in real life.
So far this year, she's made about $22,000 from from brand deals.
Animal accounts can have big pay-outs — emotionally and monetarily.
When 27-year-old Megan Cottone began accepting brand deals for her growing Instagram account for her beagle and cat — who are actually friends — she started a whole new career for herself and her family.
Even though their account @thebeagleandthebun had been getting brand deal requests since reaching 30,000 followers last year, Cottone didn't start entertaining them until the end of the year, she told Insider.
"I had no interest [then] because I was like, eh, I do this page for fun," she said. "But then once when a brand reached out and they told me how much money they were offering, I was, like, wait ... wait a second. I started to dive in and do research on the industry rates. I was like, oh my gosh, I could potentially make a living off of this."
She accepted her first brand deal at the end of 2021 from PetSmart. It consisted of one main-grid Instagram post and five Instagram stories. And she has signed about two deals a month since January 2022 for the account, which now has over 92,000 followers. So far, Cottone has made over $22,000 this year on brand deals alone. Insider verified this number with documentation provided by Cottone.
As her pets' Instagram account grows, Cottone wants to continue to be selective about brands she works with
Cottone could theoretically make more money, but she said she chooses to only work with brands she naturally aligns with.
"I get dozens of emails weekly from all different kinds of brands," she said. "There are plenty of brands I've turned down. I'll only work with brands I like and will use in real life — that's one of my biggest rules. Someone offered me a lot of money once, and I said no because I don't like your brand."
From time to time, Cottone also pitches to brands she really admires, usually in the animal care and product space.
Due to nondisclosure clauses in her contracts, she can't reveal her negotiated rates. But she said she makes from $3,000 to $7,000 per campaign, on average.
Brand deals are still her biggest revenue stream, making up to 70% of her income so far. Her merchandise store is her next biggest income stream, and her Amazon storefront and some bonuses she's paid from posting Instagram Reels account for the rest of her earnings.
'A lot of my friends and family are shocked at the volume of money I make doing this'
Cottone, who's based in Seattle, still works a part-time job doing online marketing, but she dedicates most of her time to curating Instagram content.
The Instagram handle @thebeagleandthebun was originally created three years ago for her 7-year-old beagle Chloe and her bunny named Roo. Roo died a year and a half ago, but it was the unorthodox friendship between the two pets — beagles were originally bred to hunt animals like rabbits — that gained her account's initial fame. Cottone decided to keep the handle because it's a catchy name. She now has a 1-year-old cat named Chlea that's heavily featured with Chloe, and the two are also closely bonded.
"It's a really fun thing to do just because my passions have always been photography and animals," she said of the account. "I started this because it was a fun thing to do. Once I realized I could turn it into a career, it was really exciting to find what you like to do in life, and that you can live off of that. That's been really surprising and shocking because it is a pet account."
More: Instagram pet account dog Cat
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2022-07-05T14:19:28Z
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How Much Instagram Dog and Cat Account Earns With 92K Followers
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https://www.businessinsider.com/how-much-instagram-dog-and-cat-account-earns-beagleandthebun-2022-7
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https://www.businessinsider.com/how-much-instagram-dog-and-cat-account-earns-beagleandthebun-2022-7
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Toast's CEO talks says his company will dominate the $55 billion restaurant-tech space even as its stock is slammed post-IPO by market headwinds
Chris Comparato, the CEO of Toast.
Restaurant-tech firm Toast filed IPO paperwork nearly a year ago with a valuation of $16 billion.
The company said it wanted to become the "platform of choice for restaurants all over the world."
The firm's CEO tells Insider how it's reaching that goal amid uncertainty in the markets.
In California, counter-service chains like Jamba and Nothing Bundt Cakes turn to payments platform Toast to fast-track orders for their smoothies and decadent desserts. Across the country, full-service-dining institutions run by famed restaurateurs like Danny Meyer and José Andrés use Toast's tech stack to save on food costs and for pay-at-the table devices.
"Our systems are wide and deep," Toast's CEO, Chris Comparato, told Insider. "And we want restaurants to put that architecture at the center of their digital operation."
After an explosive Wall Street debut last year that valued Toast at $16 billion, the food-tech company is digging in its heels with a post-IPO plan to dominate a restaurant-technology space valued at $55 billion. By offering more than a dozen restaurant-management solutions that range from payment processing to rewards programs, Comparato told Insider that Toast can compete in a space overflowing with players. The restaurant-management-software space includes companies with a variety of small-business clients like Square; and more niche players like Slice, which serves pizza restaurants; as well as POS, or point-of-sale, giants like Oracle-owned Micros and NCR Aloha.
"We feel like we continue to out-innovate the rest of the competition because we've been at this for 10 years," Comparato said. "We've built a platform with a lot of breadth and depth to support restaurants of all types at scale."
Though he says retailers ask Toast to bring their systems to other sectors, Comparato said that's not going to happen.
"We are laser-focused on the restaurant and hospitality business. We just plan to go deeper and deeper," he said. "We're having way too much fun in restaurants."
Still, Comparato admits, the recent headwinds in the stock market, triggered in part by record inflation rates, haven't been fun to watch.
At the time of Comparato's interview with Insider in mid-June, the company's valuation stood at about $7 billion.
"It fluctuates just with the rest of the market, and we try to ignore it," Comparato said.
That's also the advice he gives investors.
"The markets the market, right? We cannot control the market," he said. "So when you look at our valuation, when you look at our stock compression, and you look at the cohort of companies like Toast, we've all been pretty much squeezed."
"So what I tell my team and what I tell our board and what I tell our customers is, let's control what we can control."
Toast filed IPO paperwork in August 2021.
Expanding services beyond payment processing
Toast launched in 2013 as a payments-processing company for restaurants. Its core point-of-sale systems include payment terminals at fast-casual restaurants and hand-held ordering devices used by servers at full-service restaurants.
During the pandemic, the company cut 50% of its staff in April 2020, as many of its restaurant clients were forced to shut down dining rooms during government-mandated closures.
To survive, Toast knew it couldn't be a one-trick pony.
It accelerated the expansion of its tools to include affordable delivery solutions and contactless payment through QR codes.
When it filed its S-1 paperwork on August 27, 2021, the company said its goal is "to become the platform of choice for restaurants all over the world."
The company now offers restaurants more than two dozen products, including email marketing, a rewards program, a kitchen-display system, payroll, and a tips-distribution system. That allows them to be competitive with both legacy POS systems like Aloha, as well dozens of food-tech startups such as loyalty providers Thanx and Punchh and online ordering solutions such as Lunchbox and Olo.
"Toast is replacing multiple vendors for loyalty, payroll, gift cards, and online order," Comparato told investors in its fourth-quarter earnings call in February.
Still, it's common for restaurants to have a tangled web of tech systems, so Toast works with 180 different technology partners "that stitch into our platform to allow restaurants to be successful," Comparato said.
"So if a restaurant doesn't want to use the entirety of our platform, and they want to use Lunchbox, who's a great partner, well guess what, Lunchbox is integrated directly into Toast," he said.
If it doesn't have the software, Toast is not opposed to buying tech.
Last year, before its IPO, Toast purchased the inventory-management company xtraCHEF, which helps clients like chef José Andrés' restaurant group, ThinkFoodGroup, analyze food costs.
With rising inflation rates, Comparato said the system can help chefs budget by analyzing which menu items are more profitable.
Toast products allow diners to pay at the table.
'93% of our growth is ahead of us'
Today, about 60% of Toast customers use at least four of its products.
That adds up, as Toast makes money from collecting transaction fees on orders, as well monthly subscription fees for using its software. For example, on a $100 transaction, Toast collects a $2.69 processing fee, according to a fee model posted on its website. Of that, 77 cents goes to Toast, and the rest covers network-processing fees.
Toast closed 2021 logging $1.7 billion in revenue, up 107% from 2020.
In its latest quarter, Toast added 5,000 net new restaurants to its platform, bringing the total to 62,000. That's up from roughly 48,000 restaurants at the time of the IPO filing, and three times more than in 2019.
The nearly decade-old company now owns 7% of the US market of roughly 860,000 restaurants.
"I tell our team 93% of our growth is ahead of us. Let's go capture that opportunity," Comparato said.
Still, like other online-ordering solutions and food-delivery apps, profit has so far eluded Toast.
Toast reported a net loss of $23 million in the first quarter of 2022, compared to a net loss of $99 million for the same quarter last year.
Comparato is not worried. "You'll see us on the path to profitability. We're not going to communicate to the market or investors exactly when we'll be cashflow breakeven. But we're on the right path."
Are you a Toast or food-tech insider with insight to share? Got a tip? Contact this reporter via email at nluna@insider.com or via Signal encrypted number 714-875-6218.
More: Food tech Delivery food delivery Toast
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2022-07-05T14:19:52Z
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Toast CEO Chris Comparato Talks Dominating Payment Processing Post-IPO
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https://www.businessinsider.com/toast-ipo-chris-comparato-dominating-payment-processing-post-ipo-2022-7
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https://www.businessinsider.com/toast-ipo-chris-comparato-dominating-payment-processing-post-ipo-2022-7
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10 top sports betting startups that have raised the most money in 2022, from Mojo to nVenue
A screenshot of a Cubs v Dodgers game on Apple TV+ with odds predictions powered by nVenue.
nVenue.
Investors have been pumping money into sports-betting startups amid the online gambling boom.
Mojo headlines a list of startups that have accumulated the most VC funding this year to date.
The list includes startups focused on decentralized sports betting, real-time data analytics, and even physical betting kiosks.
Investors continue to find opportunities in the ever-evolving sports betting space.
With established players like FanDuel and DraftKings taking a stronghold of the market, investors have shifted towards startups that can disrupt the sports betting norm, whether it's through UBet's decentralized betting platform, nVenue's live data analytics, or EDGE Market's tools for responsible betting.
Even in a shaky economy, sports betting and online gambling companies have closed this year about $125 million worth of VC deals, in line with the deal value this time last year and way ahead of 2020, according to PitchBook.
PitchBook tracked the top US VC deals in sports betting and online gambling so far in 2022. Here are the 10 biggest deals through June 28, according to the data:
Mojo - $75 million. Mojo closed in March a $75 million Series A funding round, led by Thrive Capital. The upcoming sports stock market — which gives bettors the opportunity to bet on athletes like stocks — was cofounded by MLB legend Alex Rodriguez, Bart Stein, Marc Lore, and Vinit Bharara.
Wagr - $10 million. Wagr is a social sports-betting app where players can bet against their friends for a fixed fee instead of the house. Wagr raised in January Series A funding worth $10 million, which included investments from The Kraft Group and Harris Blitzer Sports Entertainment.
US Integrity - $8.4 million. US Integrity is more of a business-to-business startup focusing on the security of sports betting through bet monitoring and fraud prevention. It closed in April Series A funding from casino and resort developer Las Vegas Sands.
Vaunt - $7.3 million. Vaunt is a sports and entertainment brand that partners with athletes and entertainers on unique competitions and experiences. It was cofounded by former NBA player Roger Mason Jr. and Omari Ware. Some of the investors in Vaunt's Series A included InfiniteWorld, former Turner Broadcasting president David Levy, and former National Basketball Players Association executive director Michele Roberts.
EDGE Markets - $3.9 million. EDGE Markets is geared towards promoting responsible betting through tools like spending limits and transaction sharing. It raised in mid-May nearly $4 million in seed funding.
Gaming Society - $3.5 million. Gaming Society is a sports content platform with a sports betting and gaming angle. It is also keying in on women's sports through a dedicated section called "Bet On Women." It was founded by The Players' Tribune cofounder Jaymee Messler and NBA legend Kevin Garnett. Investors of its latest seed funding round include Acies Investments and TLI Bedrock.
nVenue - $3.5 million. Startup nVenue uses machine learning and data analytics to predict the action in a live game. Its data can be used for sports betting or media; it powers the odds probabilities in Apple TV+'s MLB broadcasts, for example. Corazon Capital and KB Partners were the investors in nVenue's latest seed funding round that closed in March.
UBet - $2.7 million. UBet is a decentralized sports-betting platform with odds created by an algorithm that's based on the market. Its $2.7 million seed funding round closed in May. Investors include former DraftKings director Dan Hannigan-Daley, Shima Capital and GSR Ventures.
Bet Booth - $2.2 million. Unlike the other startups on the list, Bet Booth's isn't only focused on the digital landscape. Bet Booth, which secured in June more than $2 million in seed funding, looks to make sports betting and fantasy sports more accessible through physical kiosks similar to ATM machines.
Sports Gambling Guides - 2.0 million. Sports Gambling Guide is an affiliate social media marketing company in the sports gambling space. It closed in June $2 million in funding from Astralis Capital, a VC firm targeting esports and gaming.
Explore our interactive database of top startups innovating in sports betting
More: Sports Betting Startups
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2022-07-05T14:19:58Z
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Top Sports Betting and Online Gambling Startups by Money Raised: 2022
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https://www.businessinsider.com/top-sports-betting-online-gambling-startups-by-funding-raised-list-2022
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But at the time, conservative Justice Clarence Thomas — who joined the nation's high court in 1991 — opposed Highland Park's prohibition on assault weapons and large-capacity magazines, writing in a dissent that the "overwhelming majority" who use such weapons use them lawfully.
A person of interest in the rampage was taken into custody on Monday after a two-hour manhunt.
More: Speed desk Highland Park shooting Highland Park Mass Shooting
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2022-07-05T16:03:30Z
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Clarence Thomas Once Opposed Highland Park's Assault Weapons Ban
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https://www.businessinsider.com/clarence-thomas-opposed-highland-parks-assault-weapons-ban-in-2013-2022-7
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Weekly travel insurance rates: July 5, 2022 | Premiums continue to increase
The average cost of travel insurance continues to increase in July. Last week, the average cost of travel insurance was $259.52. As of July 5, 2022, the average premium for travel insurance is $264.10 per trip, according to data from SquareMouth, a travel insurance agency.
Of course, several factors will influence your premium. Older travelers, trips with more travelers, and expensive trips will increase the cost of travel insurance.
Average premium: $264.10 (per trip)
The more you spend on your hotels, flights, and pre-booked activities, and the longer you're traveling, the more you'll spend to insure your trip.
According to the US Travel Insurance Association,"travel insurance generally costs from 4% to 8% of the total trip. Cost is based on the length of trip, destination, and age of the policyholder."
United States $4,419.55 $266
Italy $5,979.40 $360.88
Mexico $2,989.12 $163.18
Israel $2,360.15 $174.30
France $4,711.10 $302.83
Canada $2,931.36 $240.26
United Kingdom $4,263.76 $269.28
Spain $4,525.68 $269.28
Germany $4,330.34 $292.61
Greece $5,816.73 $353.20
A traveler's age is a significant factor in determining the cost of travel insurance. The older a traveler is, the more cost is associated with the trip. For instance, senior travelers may need more insurance for health-related emergencies than a millennial.
If you have a credit card, you may already have access to some of these coverages without purchasing a separate travel insurance policy. Many airline credit cards or travel credit cards come with trip cancellation, delay coverage, and baggage coverage. For example, the Chase Sapphire Reserve and Chase Sapphire Preferred cards both come with some travel coverage, including trip cancellation, interruption, and delay coverage, baggage delays, rental cars, accidental death, and dismemberment coverage.
PERSONAL FINANCE The best life insurance companies of June 2022
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2022-07-05T16:03:54Z
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Travel Insurance Rates Today: July 5, 2022
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https://www.businessinsider.com/personal-finance/travel-insurance-rates-today-july-5-2022-7
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Air Canada passengers told Insider of luggage and customer service woes amid travel chaos.
One passenger told Insider she took a carry-on to avoid luggage chaos, only to be forced to check her bag and have it go missing.
Airlines worldwide are struggling amid staff shortages and surging demand for travel.
Passengers travelling with Canada's flag-carrier airline, Air Canada, have told Insider of their frustration after dealing with lost luggage, delayed flights, and what they say is a lack of communication amid a summer of travel chaos.
The aviation industry has been plunged into turmoil in summer 2022 as travellers return to the skies in droves while airlines and airports struggle to hire enough staff to match demand, an issue exacerbated by continued large numbers of COVID absences.
Air Canada, for instance, announced last week that it was cutting 154 flights per day over the next two months due to pressure across the airline industry, Bloomberg reported.
In recent days, many Air Canada passengers have complained of issues during their trips with the airline, with lost luggage and difficulty in contacting the company about lost bags featuring frequently in frustrated social media posts from customers.
Insider reached out to 10 passengers who have travelled with Air Canada in recent days, speaking directly to three about their experiences. All three passengers had lost bags and experienced issues in dealing with Air Canada's customer services.
Lost bags and long phone calls
Aanu Ayoleke flew from Lyon, France to LaGuardia Airport on June 29 with Air Canada, but missed her connecting flight through Montreal after the first flight was delayed.
She told Insider that she could not get in touch with Air Canada after her two checked bags went missing and the airline booked her onto a connecting flight to LaGuardia two days later, despite filling out multiple lost baggage forms.
"When I was in Montreal, I tried to call the reservations team and nobody would pick up. I called for about two hours there and I never got anybody to speak to me," Ayoleke told Insider.
"Since I've gotten back, I filled out a couple of forms online, I've tried to get in touch with them on Twitter and they responded to me on Twitter saying they would check ... but until now I've gotten no response."
"I am quite frustrated because unfortunately for me, I did a massive detox of all my belongings before leaving Lyon ... Pretty much I feel as if all my life belongings are in those two bags," she said.
Ayoleke's experience was similar to that of fellow customer Emily Maitino. Maitino and her partner flew from LA to Barcelona via a connecting flight with Air Canada on June 29, and realised their baggage was missing after waiting at the luggage carousel in Barcelona for two hours.
Maitino said she only brought a carry on because she was aware of disruptions with baggage at airports, but was made to check the bag after being told there was no more space in the cabin.
Maitino told Insider that she has called Air Canada seven or eight times in the five days since the baggage went missing and only got through once, only to be later disconnected.
"I'm feeling really frustrated," she told Insider. "I had my prescription eye glasses. I only have one pair of contact lenses that I was wearing on the flight, so if anything happens to one of those, I won't be able to see for the rest of the trip."
Another passenger, who asked not be named, told Insider that they made 20 calls to Air Canada in one day after the airline misplaced their luggage on a connecting flight from Lisbon, Portugal to LaGuardia, without getting through to an airline representative.
One passenger on social media said at the end of June that they had spent a total of ten hours on hold with the airline trying to reclaim lost items.
Canada's biggest airport in chaos
Issues with travel in Canada are not limited to Air Canada, however, with Toronto Pearson International Airport, Canada's largest airport, a source of particular frustration for travellers.
Thousands of unclaimed bags have piled up at the airport in recent days amid staff shortages, mirroring scenes at London Heathrow, Europe's busiest airport.
One passenger, for example, said that he had been waiting 16 days to retrieve his luggage after taking a flight on an unnamed airline from Calgary to Toronto.
Another passenger who flew with Air Transat, Canada's third largest airline, said she lost her dog for almost a full day after flying home from the Dominican Republic.
Chaos in the Canadian aviation industry has drawn the attention of politicians, with Senator Leo Housakos criticizing the Canadian government for its handling the issues.
Dominic Cardy, the education minister for the province of New Brunswick blasted Air Canada in a tweet on Saturday after the airline canceled his flight to an education meeting in Regina.
"I hope Canadians start asking why we pay more for flights than anyone in the world, in exchange for terrible service," the minister added.
Air Canada did not immediately respond to Insider's request for comment outside normal business hours.
More: Transportation Travel News Airports
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2022-07-05T16:04:12Z
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Air Canada Passengers Complain of Lost Bags and Customer Service Woes
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https://www.businessinsider.com/air-canada-passengers-travel-chaos-lost-luggage-flight-disruption-2022-7
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https://www.businessinsider.com/air-canada-passengers-travel-chaos-lost-luggage-flight-disruption-2022-7
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Inside how buy now, pay later went from the pandemic's fintech darling to an industry turned on its head in 18 months
BNPL has had a rocky 18 months.
Buy now, pay later was fintech's hottest sector 18 months ago.
Inflation and interest rates squeezed the market, leading firms to fall from their pandemic highs.
Insider took a look at 4 of the biggest shifts in the industry that led to disruption in the space.
When it came to financial technology, there was arguably no hotter sector than buy now pay later in early 2021.
In February 2021, Klarna was riding high after the release of its $5.5 million Super Bowl ad starring actress Maya Rudolph. The next month, it would announce $1 billion in new funding, and that summer, its valuation would soar as high as $45.6 billion, making it the second most valuable fintech company in the world.
Meanwhile, fellow BNPL player Affirm made its public debut in January 2021, its rise partially buoyed by a partnership with Peloton, whose pricey at-home exercise bikes flew off the shelves during the early portion of the COVID-19 pandemic when gyms and boutique fitness studios were forced to close.
But a little more than a year later, the market has struggled to maintain that same momentum. Once pandemic darlings, BNPLs are now confronting larger questions about their paths to long-term success.
This May, Klarna crashed back to earth as its employees watched a very different video from its famous Super Bowl ad. In a pre-recorded internal message, the Swedish startup's cofounder and CEO Sebastian Siemiatkowski announced that around 10% of the company's 7,000 employees would be laid off, referencing the war in Ukraine, rising inflation, volatility in the stock market, and an impending recession as key drivers behind the cuts.
"When we set our business plans for 2022 in the autumn of last year, it was a very different world than the one we are in today," Siemiatkowski wrote in a memo to employees. "While crucial to stay calm in stormy weather, it's also crucial not to turn a blind eye to reality."
The bad news has continued over the past few weeks for Klarna — after initial reports of a potential down round before the layoffs occurred, the Wall Street Journal reported on July 1 that Klarna could see most of its valuation wiped away, with a new valuation potentially as low as $6.5 billion.
As for Affirm, its stock is down more than 80% since the beginning of the year, as sales of big-ticket items like workout equipment and luxury accessories dwindle amid consumer worries about rising inflation and a slumping stock market.
The downturn in the BNPL market isn't the result of a single factor, but instead a series of changes to the wider environment.
E-commerce volumes are receding from their COVID-induced highs as shoppers return to stores in person and consider purchases more carefully. Larger players like credit-card issuers and banks have begun to eye the space, and the sector also faces potential stricter regulatory oversight, after the Consumer Financial Protection Bureau announced an investigation into the BNPL industry in December 2021.
Firms have begun to navigate the changes by diversifying their product offerings and attempting to establish top-of-wallet loyalty with shoppers for more purchases. Insider outlined the four biggest trends that have impacted the BNPL space that also give a glimpse into the future of the once-hot market.
Here are the 4 key factors that have disrupted the BNPL space over the past 18 months.
Larger players edge into the space
Perhaps the biggest threat to the BNPL space is the arrival of industry giants. Longtime payments players are expanding their offerings to include more lending and BNPL options.
Several payments players have made clear their plans to become "super apps" that allow customers to handle multiple financial and shopping-related functions in the same place — and how they plan to use BNPL to get there.
PayPal announced the launch of PayPal Pay Monthly in June, which allows users to split purchases between $199 and $10,000 into monthly payments that are spread over a six- to 24-month period with APRs ranging from 0% to 29.99%. The payments giant also offers Pay in 4, an interest-free installment product that spreads purchases of up to $1,500 across four payments made once every two weeks, and PayPal Credit, a revolving line of credit.
PayPal first revamped its app in September 2021 and has continued to add new features since, bringing BNPL, bill payments, crypto purchases and trading, shopping, and rewards functions together in one place.
Block executives outlined their vision for linking Afterpay and Cash App more closely at an investor event in May, which includes preapproving Cash App's 80 million users for Afterpay accounts and adding Afterpay browsing, shopping, and account management features to Cash App.
"Afterpay can help transform Cash App into a super app," Afterpay cofounder Nick Molnar said during the presentation.
"The mind stretches pretty far with how Cash App can contribute as a genuine customer acquisition channel to our retail partners," Molnar added.
Some players are moving into the space by working with retailers. In December 2020, private-label and store credit firm Alliance Data Systems, which partners with merchants to offer store and co-branded credit cards, acquired the fintech Bread as part of a $1 billion investment in the company's digital capabilities, which include BNPL offerings. In March, the nearly-40-year-old company rebranded itself under the fintech's name.
And Barclays announced a partnership with the fintech Amount to provide white-label BNPL lending products to merchants in April 2021.
Card providers and banks are also inching into the space. Several credit-card issuers now offer customers the ability to split purchases made on their cards into installments. American Express has offered its Pay It and Plan It features for several years; Mastercard launched Mastercard Installments in September 2021; and JPMorgan Chase announced the launch of Chase Pay in 4 at an investor day event in May.
Goldman Sachs has also continued to build out its point-of-sale financing option, MarcusPay. MarcusPay's most notable retail partnership is with JetBlue, which allows travelers to use the BNPL service to pay for travel.
Maybe the biggest name shaking up the industry is Apple, which announced the launch of Apple Pay Later in early June. The product will allow customers to split purchases made with Apple Pay into four payments over six weeks without interest or fees, and a newly created Apple subsidiary will handle loan decisioning and lending.
Moving beyond BNPL
Just as payment players are building their "super apps," BNPL firms are also developing their own brands and customer loyalty as they seek to become customers' go-to way to shop and pay.
Klarna launched its loyalty program in June 2020, allowing customers to earn points based on money spent on the provider's installment payments. Afterpay launched a program in July 2020 that rewards on-time payments, while Affirm launched a cash-back rewards program late last year for customers who pay in full at the time of purchase.
Klarna has steadily built out its app over the last year, adding features like card management, budgeting tools, and tracking for delivery and returns. The company has said it plans to develop other features for the app like social features such as livestream shopping events, and product data including price history, reviews, and store availability. Klarna markets the app as "the only shopping app consumers need."
Affirm has also recently built out its app, bringing together management tools for spending and high-yield savings accounts, shopping offers, and rewards tracking.
Partnerships with retailers and e-commerce platforms
While BNPL providers have worked to strengthen their direct relationships with customers, they've also doubled down on striking partnerships with merchants and e-commerce platforms as they seek to gain market share.
Affirm has continued to expand its partnerships with retailers and move away from its reliance on Peloton as a large source of its revenue, most notably announcing a partnership with Amazon in August 2021. Some analysts believe that Amazon has now replaced Peloton as Affirm's leading source of revenue. Only 8% of Affirm's revenue was driven by its partnership with Peloton from January to March, compared to 20% of revenue for the first three months of 2021.
E-commerce platforms and payments processors have also proved to be a fierce battleground for BNPL providers. Affirm facilitates Shopify's Shop Pay Installments feature, and the two companies recently announced an extension of the partnership that will allow Shopify merchants to offer monthly, interest-bearing loans in addition to interest-free installments.
Klarna struck a partnership with Stripe in October 2021, and Affirm followed suit in late May of this year. These partnerships, which further expand the reach of BNPL providers, are offered as a perk to merchants to help increase conversion rates and sales volumes.
Moving into physical retail
As shoppers have returned to stores and e-commerce volumes recede from their pandemic highs, many BNPL providers have sought to replicate their online success by following customers back to physical stores.
Following Afterpay's acquisition by Square's parent company Block, which closed at the end of January, the company announced its BNPL capabilities would be available for businesses using Square's point-of-sale system. Customers can now split purchases made in store into installments.
Other providers without connections to physical point-of-sale systems have struck partnerships with retailers and malls to widen the reach of their services. Since October 2021, Klarna has announced partnerships with two of the largest retail operators in the country: Simon Malls and Brookfield Properties.
BNPL players are also rolling out cards for in-person shopping.
In June, Klarna launched its physical card in the US, which allows customers to use BNPL services almost anywhere they shop, not just at merchants that have previously struck a partnership with the provider.
A physical or digital card is almost a table-stakes offering for providers at this point: Affirm has slowly rolled out its Debit+ product over the course of the last year, and UK fintech Zilch brought its "BNPL 2.0" card offering to the US earlier this summer.
More: BNPL Fintech Klarna
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2022-07-05T16:04:18Z
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Buy Now, Pay Later Key Trends, Stories Impacting Fintechs
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https://www.businessinsider.com/buy-now-pay-later-bnpl-key-trends-impacting-fintechs-2022-7
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https://www.businessinsider.com/buy-now-pay-later-bnpl-key-trends-impacting-fintechs-2022-7
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Klarna is staring down a potential 85% valuation cut if it pulls off negotiating a $650 million funding haul.
Fintechs need to brace themselves for a leaner and meaner second half where new capital is harder to come by.
The news: Klarna's valuation could collapse to as low as $6.5 billion if it pulls off negotiating a $650 million funding haul, per the Wall Street Journal.
How we got here: Klarna has reportedly been trying to raise funds since at least May to help weather a whirlwind of exogenous factors—record inflation, the war in Ukraine, rising interest rates—that have kept investors on the sidelines.
An earlier deal would have injected $1 billion into Klarna's coffers and dropped its valuation from a June 2021 high of $46 billion to about $30 billion.
Negotiations haven't been going well for Klarna. Just weeks ago, it was reportedly willing to accept a $15 billion valuation for a $500 million haul.
If it closes the latest deal, Klarna will get more money than the June proposal—at the cost of a roughly 85% devaluation.
Misery loves company: When it comes to anemic funding hauls and valuations thought unimaginable just a year ago, Klarna's not alone.
Stripe's valuation has fallen 35% from the start of the year, according to Business Insider. Investor Fidelity has slashed Stripe's valuation every month in 2022 except for March.
The valuation of private buy now, pay later (BNPL) firm SumUp fell from $22 billion to just $8 billion after its latest funding haul.
Shares in publicly listed Affirm are down more than 80% this year. Block's and PayPal's have dropped more than 60% each.
Economic uncertainty is a pain that cuts across industries. The turbulent first half of the year has impacted the valuations of businesses in almost every sector, and the S&P 500 notched its worst first half of the year since 1970, per the New York Times, down nearly 21% since the year started.
What's next? Firms may have to adapt to a more challenging climate in H2.
Cut costs: The increasing cost of capital and subsequent drop in funding means payments firms will have to conserve cash and possibly scale back growth plans. Smaller, loss-making fintechs will be particularly vulnerable without the safety blanket of easy financing to protect against missteps. Job cuts are one way to reduce overheads—Klarna and BizPay have already trimmed headcounts.
Diversification: Branching out into other payment types and broader financial services can minimize risk and create additional revenue streams, with Stripe and Klarna both expanding beyond traditional payments.
Acquisitions: Payment companies with strong balance sheets could pick up struggling fintechs at a steep discount to widen their product offerings and bring in new tech and customers. Payments provider GoCardless, for example, will buy open banking data provider Nordigen.
The big takeaway: Klarna and its payment competitors know their lower valuations reflect a harsher funding climate characterized by reduced investor confidence. Market sentiment isn't likely to improve in the short term, so fintechs need to brace themselves for a leaner and meaner second half where new capital is harder to come by.
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2022-07-05T16:04:36Z
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Klarna's Valuation Could Fall 85% With Poor H2 Outlook
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https://www.businessinsider.com/klarna-valuation-could-fall-with-poor-h2-outlook-2022-7
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https://www.businessinsider.com/klarna-valuation-could-fall-with-poor-h2-outlook-2022-7
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3 ways I optimize productivity to make 6 figures a year as a freelance virtual assistant
Hannah Dixon is a freelance virtual assistant who juggles a lot of different projects.
She works effectively by using accountability groups and automating and outsourcing some tasks.
Here's how she maintains productivity, as told to writer Robin Madell.
This as-told-to essay is based on a conversation with Hannah Dixon, a 34-year-old virtual assistant currently based in Bangkok. Insider has verified her income with documentation. The following has been edited for length and clarity.
When I was starting out as a freelance virtual assistant, I juggled a lot of clients with very different projects and very different deadlines. I had few hacks in my toolbox to aid me in being as on the ball as I could have been, which led to missed deadlines, mixing up schedules, and actually losing a client for repeatedly forgetting things.
I was also engulfed in what I call "entrepreneur's guilt," where every waking moment I felt as though I had things to do for my clients — leading to 18-hour days gaining nothing much besides a headache. It made me resent the work I was doing.
I had to find ways to make things more streamlined and regain my time because I started freelancing for more flexibility and freedom. So I came up with three core systems for working effectively and efficiently.
1. I hold myself accountable with Mastermind and coworking groups
Remote work can feel surprisingly isolating at times. Plus, when you're all by yourself, it can be much easier to succumb to limitless online distractions.
To help avoid these traps and hold myself accountable for getting my work done, I joined and host both free and paid Mastermind groups, which have monthly check-ins to ensure that I'm progressing and properly investing my efforts.
An online Mastermind group is a collection of people who are working toward similar goals but bring different expertise to the table. These groups often meet over video on a regular day and time each month or week and take timed turns to discuss what's going on for them. The group members help one another with resources, ideas, and connections and generally act as a sounding board.
I joined my first Mastermind group about a year and a half into my freelance career. It was a free Mastermind I put together consisting of business peers who were at a similar stage as me. I reached out to them individually and invited the people I thought would be the best fit for the group, or people I simply admired. We met every two weeks on a Wednesday for 90 minutes. Beyond that, we had check-ins every other day via group messages that took little to no additional time.
Though I'm not currently in any Mastermind groups, I'll be starting one up again soon. The ones I've been a part of or hosted have been small and private, with member limits and start and end dates. However, I'm now running three Facebook communities, including Next Level Virtual Assistants, which is my main group that's open to the general public. We host digital coworking from time to time.
I manage a private dedicated support community for our paying students, and this is where I spend most of my time and do the most check-ins, like weekly coworking, digital decluttering, or fun social events. I commit about an hour a day to interacting in these groups, answering questions students may have and providing a consistent presence. There are some days, like weekends, where I don't need to show up at all, and many of our regular posts and events are automated.
My community coworks using the Pomodoro technique. We begin by setting goals together, followed by 60 minutes of focused execution, followed by a 10-minute break, and repeat.
2. I embrace automations
I also quickly discovered that the right tech tools can quicken repetitive and time-consuming tasks and free up your mind so you can focus on bigger tasks. Tools like Zapier and email autoresponders lightened my workload and made my life easier.
One of the best ways I've used Zapier is with our online jobs portal. About a year ago, I stopped posting virtual assistant opportunities into our student group, as they were hogging the feed, and created a dedicated Slack channel for them. At the start, I was manually posting jobs as they came in. But using Zapier, I was able to automate this workflow, giving me back my time.
I also use Zapier to alert my team in our Slack workspace of any failed payments from students so that we can promptly follow up with them. Likewise, we get notifications of successful payments, which always feels nice.
Your systems should support your productivity. For example, when I open a Google Chrome browser each morning, it's set to always land on my project management tool Trello as a visual reminder of what I need to get done. (You can set this up by going to "Settings," then "On startup," then "Add new page" and inserting the URL.)
Buffer helps me stay consistent with my social-media presence by allowing me to schedule my posts in bulk rather than having to post on the fly. Since I use Instagram regularly and send people to my bio link, I avoid problems from changing the link often (or forgetting to) by using Linktree to post and manage all my links in one tidy place.
Niche-specific tools like Group Funnels save me not only tons of time but money. Group Funnels is a Chrome extension that integrates with Facebook Groups, Google Sheets, Zapier, and your email marketing software — for me, that's ConvertKit.
If you're a community manager on Facebook like I am, you have the option to ask members a few questions when they request to join. You can ask if they'd like a freebie and to leave their email address in exchange for it, with Group Funnels, at the click of a button. It works to add masses of email addresses from these answers to your email autoresponder.
Before Group Funnels, I was paying someone $30 an hour to manually copy and paste each email address. This is one of my favorite automations to date.
Another productivity hack that's been invaluable as a virtual assistant is using tools like Dubsado to automate onboarding procedures and send invoices. For online business owners across the board, setting up a booking system like Calendly or something similar takes all the guessing games out of scheduling across time zones and creates a seamless automated experience for those who want to speak with you.
3. I outsource instead of trying to do it all myself
Back when I was in school, I told my mother how disappointed I was that I was failing math, and she said something that's stuck with me my whole life: "You don't need to be good at math. That's what other people are for."
This is where outsourcing comes into play. I have the utmost respect for entrepreneurs who bootstrap and DIY everything from the start — that was my start, too. Yet recognizing when you need to start outsourcing the things you don't excel in is crucial. Those tasks take precious time away from the things you need to be doing to grow your business.
Like me, you can start to source other virtual assistants for specific ongoing tasks in your business. You can begin by mapping out what you think you need to delegate, then ask for referrals from trusted sources like Mastermind groups or other online communities — or you could hire from the student pools of virtual-assistant training programs.
I work with four VAs currently. Their hourly rates range from $25 to $50, although for two of them, I simply pay a set fee each month that's been determined by both the workload and how the exchange feels for us both energetically.
As virtual assistants are independent contractors, I set deadlines for tasks/projects, and when and how they work toward them is up to them. My tech VA and I agreed to work together every Thursday, which allows us both to plan to be most productive on that day every week. It's actually lessened my weekly workload overall because Thursdays have become such a powerhouse day where we blast through so much.
I found that by hiring team members myself, my income rose approximately 15% within one year. Having an outsourced team can really support you in scaling while minimizing the risk of burnout.
Are you a successful virtual assistant? Email Alyse Kalish at akalish@insider.com.
More: Careers Entrepreneurship Virtual assistants Virtual Assistant
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2022-07-05T16:04:48Z
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3 Ways I Optimize Productivity As a 6-Figure Virtual Assistant
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https://www.businessinsider.com/ways-optimize-productivity-freelance-virtual-assistant-2022-7
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Try to play the video again
Restart the app or the entire device
Use a different HDMI port, or change HDMI cables
Try a different streaming device
Log out of Disney Plus on other devices
The problem is at Disney Plus
How to fix Disney Plus Error Code 39 on your streaming device
If you see Disney Plus Error Code 39, it generally means there's a problem validating your digital rights permission.
You can try changing your HDMI cable or moving HDMI ports if you're on a game console or computer.
Read on for the top five ways to troubleshoot and fix Disney Plus's Error Code 39.
While Disney Plus usually "just works" by streaming TV shows and movies to your devices without a problem most of the time, things can go wrong, sometimes with obscure error codes. You might, for example, see the Disney Plus Error Code 39, which is typically related to a problem with digital rights management.
Disney Plus Error Code 39 looks deceptively generic. When you experience the error, you will see this: "We're sorry, but we cannot play the video you requested. Please try again. If the problem persists, contact Disney Plus Support (Error Code 39)." But the message has a pretty specific meaning. You'll see this error if Disney Plus thinks that your device doesn't have proper permission or a secure connection to play back content that's managed by digital rights.
A surprising amount of the time, streaming errors are intermittent and go away if you simply try again. Give the video a second shot — it's possible it will play properly a short while later. If it still doesn't work though, or it starts playing, then stops and displays Error Code 39 anyway, try the other troubleshooting tips.
Sometimes a simple software glitch, such as a corrupted data cache , can interfere with the video playing properly. This can happen on any device, so restart the app or, if you prefer, the entire device.
The technique to close an app varies depending on what device you are using, but here is how to close apps on Android and how to close apps on iPhone. Likewise, restarting every kind of device is a bit different, but here is how to restart an iPhone. On Android, you can generally swipe down from the top of the screen and tap the Power icon. Have an Xbox One? Here's how to restart that console.
One of the first things you should try is to restart the device that's having trouble playing the Disney Plus video.
If restarting your device didn't fix the problem, the next most likely culprit is often the HDMI connection. If you are trying to play a video using a device that's connected via HDMI — like an Xbox to a television or a computer to a monitor — then HDMI might be to blame.
There are two variables here to test: the cable itself and the HDMI port it's plugged into. If possible, troubleshoot both. Start by swapping the HDMI cable. It should be HDMI 2.1 compliant, and for best results, use a short cable that isn't visibly damaged. If that doesn't solve the problem, plug your cable into a different HDMI port on both your device and display.
You can learn a lot by trying to stream the video on a different device. If it's not working on your Xbox, for example, try watching the video on your phone or in a browser on your laptop. If one works and the other does not, you have probably narrowed down the problem to a specific device, and can try to further troubleshoot the problem another day, and watch the content on the device that actually works.
Finally, it's possible that you are logged into too many devices. To eliminate this possibility, log out of Disney Plus on as many devices — computers, game consoles, phones, and tablets — as possible and try to watch the content with only a single device logged into Disney Plus.
Make sure that you haven't exceeded the allowable number of devices by signing out of Disney Plus everywhere but where you are trying to watch the video.
If you try all these troubleshooting tips and the video still won't work, it's likely the problem is with Disney Plus. The content might have been made available in your region by accident, for example, but Disney doesn't have the rights to play it there. Or there is some other technical rights issue. This isn't a problem you can solve, but you can check in again later and see if it's fixed.
TECH 7 ways to troubleshoot if you see 'Error Code 42' on Disney Plus
TECH How to fix Disney Plus Error Code 83 on your streaming device, phone, or computer
TECH 5 ways to troubleshoot Disney Plus if it's not working
TECH How to turn the Disney Plus autoplay feature and background video features on or off to take control of your watching experience
More: Disney Plus Streaming Troubleshooting Tech How To
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2022-07-05T17:44:08Z
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How to Fix Disney Plus Error Code 39
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https://www.businessinsider.com/disney-plus-error-code-39
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Concept art of the Hyperspace Lounge.
The "Star Wars"-themed Kaiburr Crystal drink on the new Disney Wish cruise ship costs $5,000.
The price includes a trip to Skywalker Vineyards at Skywalker Ranch.
The drink contains Casmus Cognac, the Yuzu citrus fruit, and more.
A "Star Wars"-themed cocktail on Disney's new cruise ship, the Disney Wish, costs around $5,000.
The cost isn't just for the drink, which is called the Kaiburr Crystal and is served in the ship's "Hyperspace Lounge." It includes the shot glasses it's served in, room amenities, and a trip to Skywalker Vineyards at Skywalker Ranch, according to the theme parks and travel writer Arthur Levine.
Below is a look at the container the glasses come in, from journalist Ashley Carter, who covers theme parks for Spectrum News 13 in Orlando:
—Ashley Carter (@AshleyLCarter1) June 29, 2022
This is different than Disney's new "Star WArs" hotel, Galactic Starcruiser, that launched earlier this year — but that's also on the pricey side. It costs over $4,800 for two guests to a cabin.
Levine reported details on Friday in his About Theme Parks newsletter on what's in the Disney Wish's exorbitantly expensive Kaiburr Crystal drink.
The Kaiburr Crystal includes Casmus Cognac, Grand Marnier Quintessence, the Yuzu citrus fruit, and kumquat. Shots of Pappy Van Winkle's Family Reserve 23 Year bourbon and Taylor's Fladgate Kingsman Edition Tawny Port are also included in the container, according to Levine.
The Family Reserve is listed on Van Winkle's website for $300. The Kentucky-based distillery is in such high demand that some retailers sell its bottles of various whiskies for far higher than the recommended price.
The Disney Wish will set sail for the first time on July 14.
NOW WATCH: The best 'Star Wars'-themed food and drinks at Disney's newest park
More: Star Wars Disney Disney Cruises Cocktails
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2022-07-05T17:44:14Z
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Disney's $5,000 Star Wars Cocktail Includes Pappy Van Winkle
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https://www.businessinsider.com/disney-wish-cruise-star-wars-cocktail-cost-pappy-van-winkle-2022-7
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https://www.businessinsider.com/disney-wish-cruise-star-wars-cocktail-cost-pappy-van-winkle-2022-7
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Vlad Karkov/SOPA Images/LightRocket via Getty Images
On Tuesday, IKEA opened for the last time in Russia with an online-only fire sale.
The Swedish furniture company, which still has 14 malls in Russia under another brand, is one of the latest companies exiting the Russian market amidst the country's war in Ukraine. Reuters reported that IKEA is still making plans for its 17 other stores that closed in March.
IKEA's Russian website told customers online sales would be carried out from July 5, "for a few weeks while stocks last." Purchases can only be made from ikea.ru.
According to Reuters, there were issues adding products to the website's shopping cart as of 12:30 p.m. Moscow time.
The website's homepage has a statement addressed to buyers that says making a purchase on the website and through IKEA Customer support is temporarily unavailable due to technical reasons.
"We remind you that there are enough goods in warehouses, our stores are closed, and the exchange and return departments are working as usual," the homepage says.
The statement goes on to say that delivery and self-delivery are limited and are only being carried out in cities that have an IKEA store, like Moscow and St. Petersburg.
An earlier message on IKEA's website saying the company was "processing received orders manually," was taken down, according to Reuters.
Last month, IKEA said it would sell its factories and close its offices in Russia, as well as cut down on its 15,000-person workforce in the country, Reuters reported. The company said it will pay its Russian workforce until the end of August.
"We remain hopeful that one day in the future, we will be able to bring back IKEA to the many people in Russia," IKEA's owner, Ingka Group, said in June. "However, today the precautions are not in place."
More: Ikea Russia Retail
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2022-07-05T17:44:30Z
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IKEA Has Final Fire Sale in Russia Amid Exit Out of Country
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https://www.businessinsider.com/ikea-final-sale-russia-begins-to-exit-the-country-2022-7
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https://www.businessinsider.com/ikea-final-sale-russia-begins-to-exit-the-country-2022-7
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Kathleen Hall, Microsoft's chief brand officer, spoke with Insider at the Cannes Lions International Festival of Creativity in June.
She said Microsoft's own employees are important product testers for remote working.
Hall also said that people's home tech needs transformed rapidly during the pandemic.
In those early days of the global pandemic and lockdown, people's home technology needs changed practically overnight.
"When everybody went home and their kids went home, they needed real computers, not just the leftover, secondhand, or the iPad. We needed computers to do work and school," said Kathleen Hall, chief brand officer at Microsoft."Demand was really through the roof."
Hall spoke to Insider during the Cannes Lions International Festival of Creativity in June. She said that the COVID recovery phase means still adapting to a new reality, one that few senior managers would have predicted.
"A lot of us in senior management positions were of the generation that "remote work isn't really work," she said. "Especially in more creative roles where tend to want to be physically near each other to collaborate."
Hall says the mindset shift has endured even as work life has become more typical. "We think twice now about running around like maniacs like we used to."
Microsoft's own employees have helped the company's products improve, by giving feedback on functionality within Microsoft Teams and other company platforms.
"In some ways, our workforce is our own best beta — and we're a tough crowd," she said. "So we learn from ourselves and then apply it to the technology we have." Feedback from the marketing team, for example, drove improvements to video sharing capabilities.
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2022-07-05T17:44:36Z
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Microsoft Brand Officer Kathleen Hall Talks About How the Pandemic Changed Work
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https://www.businessinsider.com/microsoft-brand-officer-kathleen-hall-talks-about-how-the-pandemic-changed-work-2022-7
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https://www.businessinsider.com/microsoft-brand-officer-kathleen-hall-talks-about-how-the-pandemic-changed-work-2022-7
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What is an annuity?
How do annuities work?
Immediate annuity and deferred annuity payouts
What are the different types of annuities?
Pros and cons of annuities
An annuity is an insurance product that can provide a secure income stream for the rest of your life
Annuities have long been popular with seniors seeking steady returns, but they can benefit younger investors too.
An annuity is an investment product issued by an insurer that provides steady income during retirement.
An annuity charges a premium upfront with other management fees often rolled into the cost.
Fixed, variable, and indexed annuities offer different investment options with varying risk profiles.
When putting away money for retirement, it can be difficult to know if you're saving enough. Even if you think you've got it all covered, there's little certainty about how much you'll actually spend or how long you'll live after you're through working.
That's where annuities come in. These unique combinations of insurance and investment features help investors save for retirement and offer assurance they won't outlive their hard-earned savings.
Learn more about annuities below and what you'll want to take into consideration before you add them to your portfolio.
An annuity is an investment you buy in exchange for periodic payouts, typically during retirement. You can make a single premium payment or a series of payments, and choose whether your annuity payouts are made in a lump sum or over time.
Quick tip: You can buy an annuity from select insurance companies, banks, brokerage firms, and mutual fund companies.
A modern-day annuity is a contract between you and an insurance company. In order to get an annuity, you'll need to pay a premium — usually a large lump sum — and then the insurer invests it. Afterward, the insurer provides you with a stream of payouts for a predetermined number of years or even the remainder of your lifetime.
An annuity has two phases: the accumulation phase and the annuitization phase. The accumulation phase of an annuity is the period of time when you're making payments. Those funds may be split among various investment options.
The annuitization phase is the period of time when you receive payouts from the annuity, much like a regular paycheck. This can last for a set amount of years or for the rest of your life. The payouts include the principal amount along with any investment gains.
Annuities provide a stable investment option for savers who worry about market volatility or outliving their retirement savings. Annuities are known for three main benefits.
Reliable income for a set amount of time. Once you've made your payments, you're guaranteed to receive payouts for the rest of your life or someone else's life, like your spouse.
Death benefits. You may also designate a beneficiary on your annuity. This beneficiary will receive the payouts if you die beforehand.
Tax-deferred savings. Before you start receiving payouts, annuity income and investment gains grow tax free. "Annuities complement other retirement plans in that they provide opportunities to grow without heavy taxation," says Rob Williams, managing director of financial planning, retirement income, and wealth management at Charles Schwab. You pay taxes on annuity income when you receive its payouts.
Quick tip: Annuities can be a great supplement to your existing retirement savings and Social Security payments. Fixed annuities also avoid the ups and downs of market investing.
You can choose to buy an annuity that makes deferred payouts at some point in the future, or one that makes immediate payouts.
Immediate annuity: Also known as a single premium immediate annuity (SPIA), this option has payouts ready to start in as short as a month. It is typically purchased as a one-time lump sum. The insurance company then calculates the amount due to you based on your age, prevailing interest rates, and how long the payouts are expected to continue.
It's your call if you want an income stream for a limited period or for a lifetime, and if you want payouts scheduled monthly, quarterly, or yearly. In general, the amount you receive for the whole period of your contract is fixed and guaranteed.
Deferred annuity: The deferred payment annuity option, as the name implies, delays the payouts until a future date. You can buy a deferred plan with a one-time payment or add to your funds periodically. After a length of time of your choosing — usually several years — you elect for payouts to begin.
The tax situation is more complicated, but basically, your principal — the money you initially invested — gets returned to you free of taxes. You'll only owe the IRS on the earnings your annuity made during the deferred period.
In addition to the premium payments you make, you'll likely face some fees as well. Annuity fees range between 0.5% and 3%. An annuity with fees on the higher end of that range may not be a solid investment as they can take a hefty chunk out of your earnings.
Mortality and expense risk charge pays the annuity issuer for the risk it's taking on for offering the annuity. This charge equals a percentage of your annual account value, often around 1.25%.
Administrative fees are charged by the issuer to cover the cost of record keeping and managing your annuity. It can be charged as a flat annual fee or a percentage of your account value.
Commission fees often contribute to an annuity's price and exist to pay the person who sold it to you. This may drive an annuity's price up. You can likely avoid annuity commissions by buying from a fee-only advisor, who is paid only by you, and, as a fiduciary, is required to act in your best interests.
Fund expenses are the costs that come with the funds your annuity may invest in, like mutual funds.
Additional feature fees come with optional features you can add onto your annuity, such as guaranteed minimum income benefit or long-term care insurance.
Penalties apply if you withdraw from an annuity before you're 59 ½. The Internal Revenue Service will levy a 10% tax penalty on top of regular income taxes you owe for the withdrawal amount.
Surrender charges apply to variable annuities when you sell or withdraw money during the annuity's surrender period, often six to eight years after buying the annuity. Early withdrawals may also trigger unexpected tax hits, making variable annuities better for long-term goals.
Quick tip: With so many different fees to consider, first make sure you can afford an annuity before signing an annuity contract. You'll also want to make sure the returns you get outweigh the costs.
Different types of annuities vary in how your money is invested.
Fixed annuities place your money in a general account of the insurance provider which promises a minimum rate of interest and fixed amount of periodic payouts. Check with your state insurance commission to confirm your insurance broker is registered to sell fixed annuities.
Variable annuities place your money in various investments, like mutual funds, much like a 401(k). The payouts from variable annuities will vary depending on how much money you pay, the rate of return on your investments, and any expenses of those investments as well as the annuity. Variable annuities are regulated by the Securities and Exchange Commission (SEC).
Indexed annuities provide the positive investment potential that variable annuities offer. The return of an index annuity is based on a stock market index, like the S&P 500. Like fixed annuities, these are regulated by state insurance commissioners.
At their core, annuities are full of advantages:
Regular payments. They provide a guaranteed source of income throughout your retirement.
Low-risk returns. Annuities are generally a more stable investment, unless you have a variable annuity.
Tax-deferred growth. Earnings in your annuity are untaxed as they grow over time.
Unfortunately, there are major drawbacks to consider as well:
Big fees. Annuities typically have high fees and commissions which can really cut back on the long-term earning potential. Because of this, annuities aren't a great place to grow money, but fixed immediate annuities take a smaller fee hit while generating a lifetime income stream.
Illiquidity. Variable annuities don't offer access to your money until after several years, typically six to eight years but sometimes longer. If you do withdraw funds or cancel your annuity contract before that surrender period ends, you incur a surrender fee that can initially reach as high as 10% of your contributed funds, decreasing by one percentage point each consecutive year. Once your payouts start, it's next to impossible to change them or access more of your principal.
Taxable income and tax penalties. Annuities aren't totally tax free. As a source of income, annuity payouts are subject to income tax as you receive them. If you withdraw from your annuity before you're 59 ½, you'll face a 10% penalty on top of your ordinary income tax as well.
Guaranteed retirement income
Payouts last through your lifetime
Tax-deferred growth
Typically high fees
No short-term access to variable annuity funds
Tax penalties on early withdrawal
Annuities are a great addition to your retirement savings plan if you're always maxing out your 401(k) contributions and if you can afford the fees. They provide steady income throughout your retirement, they grow tax-free, and your beneficiaries can benefit from the payouts, too.
Since annuities aren't free, however, be sure to weigh their costs against their promised benefits to determine whether it's the right choice for you.
PERSONAL FINANCE Interest income from your investments is taxable — here's how to calculate what you owe and ways to lower it
More: Annuity Annuities Insurance Freelance
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2022-07-05T17:44:50Z
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Annuities: Definition, Types, How They Work in Retirement
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https://www.businessinsider.com/personal-finance/what-is-an-annuity
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Democrats are taunting Gov. Ron DeSantis by welcoming Floridians to their states.
Invitations have been offered to New York City, Colorado, Connecticut, and California.
DeSantis is up for reelection and seen as a potential contender in 2024's GOP presidential primary.
Democratic politicians are mocking Gov. Ron DeSantis by slamming Florida's controversial laws and welcoming Floridians or Florida businesses to their states.
It's a strategy that has been used recently by New York Mayor Eric Adams, Colorado Gov. Jared Polis, Connecticut Gov. Ned Lamont, and with a $105,000 ad buy over the July 4 weekend, by California Gov. Gavin Newsom.
"I urge all of you living in Florida to join the fight," Newsom says in an ad. "Or join us in California, where we still believe in freedom: freedom of speech, freedom to choose freedom from hate, and the freedom to love. Don't let them take your freedom."
The jabs come as DeSantis seeks reelection as governor and is seen as a potential contender for the 2024 GOP presidential nomination.
DeSantis has become a leader in Republican culture wars, backing measures that include the state's 15-week abortion ban that's been blocked by a Florida judge, a math book bans on the basis of "critical race theory," and the law known as "don't say gay," which bans classroom instruction on sexual orientation or gender identity in a "manner that is not age appropriate or developmentally appropriate."
Newsom, also the subject of 2024 speculation, targets Florida's policies on abortion, children's books, and LGBTQ communities in his ad, which shows a photo of DeSantis shaking hands with former President Donald Trump.
Adams' billboard campaign in Florida, criticizing the "don't say gay" law, urges Floridians to "Come to the city where you can say whatever you want."
"They're saying you can say whatever you want, but you know they're the ones that will force a mask on your face and muzzle you in public," DeSantis responded.
Other Democratic governors have made appeals to Florida businesses, including Connecticut Gov. Ned Lamont's invitation to the Nutmeg State in response to a Florida judge temporarily blocking the state's 15-week abortion ban.
"This may be a time for you to think about taking a look at Connecticut as a place to move your business," Lamont said in a video address on July 1. "A place where maybe your employees feel more at home, perhaps you feel more at home, your customers could identify with our values."
Colorado Gov. Jared Polis did the same thing back in April, inviting Twitter and Disney to relocate to the Rocky Mountain state.
Polis called DeSantis' threats to penalize the companies "authoritarian socialist attacks on the private sector" and promised — tongue in cheek — that the state would "grant Mickey and Minnie full asylum in Colorado."
More: Ron DeSantis Eric Adams Jared Polis Ned Lamont
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2022-07-05T17:45:02Z
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Democrats Taunt Ron DeSantis by Welcoming Floridians to Their States
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https://www.businessinsider.com/ron-desantis-feud-democrats-inviting-florida-businesses-to-their-states-2022-7
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https://www.businessinsider.com/ron-desantis-feud-democrats-inviting-florida-businesses-to-their-states-2022-7
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It's more expensive than ever to buy a new car as prices and interest interest rates continue to go up.
The average monthly car payment for Americans hit a record $712 in June, according to Cox Automotive research, further worsening the affordability of new cars for buyers.
"To see it jump from like $300 to $600 for a Corolla or Civic was like, I should be driving like a Mustang for that much money, you know?" Navarro said.
Now, instead of monthly payments under $400, Navarro is shelling out $580 — and that's before gas and parking in Los Angeles, NPR reported.
The run-up in car prices has been well-documented, not to mention a key driver in the headline inflation numbers that have policymakers and ordinary Americans alike watching the metric closely.
New and used vehicle prices have begun leveling off, but Cox Automotive research manager Rebecca Rydzewski says they could remain high for a while longer.
The average new car sold for $47,148 in May, which is just below the Kelly Blue Book record high in December, but there's another factor driving up the cost of monthly payments: interest rates.
Six months ago, borrowing costs were still around historic low territory and have since seen sharp hikes as the US Federal Reserve tries to do what it can to reign in the highest inflation seen in over 40 years.
More: car prices Inflation Affordability Kelley Blue Book
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2022-07-05T17:56:44Z
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Average US Car Payment Hits Record $712 a Month in June
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https://www.businessinsider.com/cost-of-average-monthly-car-payment-hits-record-712-us-2022-7
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https://www.businessinsider.com/cost-of-average-monthly-car-payment-hits-record-712-us-2022-7
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Coordinator on Global Anti-Corruption Richard Nephew is seen here during a 2019 hearing.
Richard Nephew wants you to know that he's in on the "Rich Nephew" jokes.
Nephew was named to a top anti-corruption post at the State Department on Tuesday.
On Twitter, he wrote that the jokes were "straight up hilarious and had not occurred to me until now."
Bob's your uncle and, yes, Richard Nephew has heard all of your jokes about his name.
That was until Secretary of State Antony Blinken named the international sanctions expert to effectively become a new anti-corruption czar on Tuesday, making one of Washington's top graft hunters Rich Nephew.
"Alright, I've heard a *lot* of "nephew" jokes in my time, but this is straight up hilarious and had not occurred to me until now," Nephew wrote on Twitter in response to MSNBC Hayes Brown pointing out that the juxtaposition of name and title was, well, rich.
Brown wasn't the only one to point out that Nephew's name and the post made for a perfect punchline that just made sense.
"I think that we can all agree that it's funny to put 'Rich Nephew' in charge of your anti-corruption efforts," the Washington Examiner's Jerry Dunleavy chimed in. "This is something we can all still unite around, yes?"
In all seriousness, rooting out global corruption has been a major policy goal for the Biden administration. President Joe Biden himself has made reining in graft a major peg in his broader push for a worldwide democratic revival in the face of autocrats amassing power.
"Corruption threatens United States national security, economic equity, global anti-poverty and development efforts, and democracy itself," Biden said last June.
Before Blinken tapped Nephew for his current role, he was working as a deputy special envoy for Iran. During the Obama administration, Nephew served as the sanctions expert on the team negotiating the Iran nuclear deal.
More: State Department anti-corruption Joe Biden
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2022-07-05T19:25:46Z
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www.businessinsider.com
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Rich Nephew Appreciates the Jokes About His Name, Anti-Corruption Work
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https://www.businessinsider.com/rich-nephew-biden-anti-corruption-jokes-state-department-2022-7
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https://www.businessinsider.com/rich-nephew-biden-anti-corruption-jokes-state-department-2022-7
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Student-loan borrowers in a public service loan forgiveness program will soon make payments to a new company.
They should be notified 15 days in advance of the transfer from FedLoan Servicing, which is ending its contract.
This also comes as borrowers have 4 months left to apply for extended student-loan relief.
The student-loan industry is undergoing a series of changes, and public servants are a major part of them.
Federal student-loan borrowers enrolled in the Public Service Loan Forgiveness (PSLF) program, which forgives student debt for nonprofit and government workers after ten years of qualifying payments, have been paying their debt to FedLoan Servicing — a student-loan company that is ending its federal servicing contract this year. Beginning early July, according to Federal Student Aid, those accounts will be transferred over to a new company, MOHELA, that is expected to take control over PSLF and any progress borrowers have made toward forgiveness.
According to Federal Student Aid, the transfers will continue throughout the summer and will not require any additional action on the part of the borrower. If you are enrolled in PSLF, here's what you need to know:
You should receive notice of your transfer at least 15 days before it occurs, and a notification from MOHELA once your transfer is complete.
If you qualify for loan forgiveness during this timeframe, the discharges will still occur, and if all of your loans are forgiven, you will not be included in the transfer.
And if you applied for PSLF for the first time after May 1, 2022, it will be processed by MOHELA.
The Pennsylvania Higher Education Assistance Agency — the division of FedLoan that has been managing PSLF up to this point — is officially ending its contract on December 14, and a spokesperson at the time told Insider the company would work to "ensure a smooth transition for all borrowers beyond that date — for as long as it takes under the Department's direction."
But lawmakers and advocates have slammed PHEAA for mismanagement of PSLF, leaving borrowers potentially eligible for forgiveness with growing debt and minimal guidance. When it announced it was ending its contract, Massachusetts Sen. Elizabeth Warren said that "borrowers can breathe a sigh of relief today knowing that their loans will no longer be managed by PHEAA, an organization that has robbed untold numbers of public servants of debt relief and was recently caught lying to Congress about its atrocious record of fines and penalties."
Leading up to Biden's presidency, 98% of PSLF applicants were rejected from the program. As a result, the Education Department announced reforms to the program in October, including a waiver through October 31, 2022 that would allow any past payments, including those previously ineligible to the program, to qualify for relief. But that waiver is just four months away, meaning those borrowers have to risk an account transfer subject to administrative errors — along with a rush to receive limited-time relief.
Advocates recently called for an extension of the waiver, with American Federation of Teachers President Randi Weingarten saying that "this is not the time to cut corners in getting that relief to as many people as possible, which is why President Biden must extend the limited PSLF waiver and support us in helping our members access PSLF,"
Meanwhile, Biden is also in the process of making a decision on broad student-loan forgiveness for federal borrowers. He is reportedly considering $10,000 in relief for those making under $150,000 a year, likely to be announced in July or August, closer to when the student-loan payment pause expires after August 31.
There's a lot of uncertainty surrounding what's in store for student-loan borrowers in the coming months, but with millions of account transfers, potential student-loan relief, and resumption of payments, it's clear the Education Department has a lot on its plate.
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2022-07-05T19:25:52Z
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www.businessinsider.com
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New Student-Loan Company Takes Over Accounts Seeking Debt Cancellation
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https://www.businessinsider.com/student-loan-company-takes-over-pslf-accounts-debt-cancellation-mohela-2022-7
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https://www.businessinsider.com/student-loan-company-takes-over-pslf-accounts-debt-cancellation-mohela-2022-7
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Subway is launching its new Subway Series menu as a major departure from its historic "create your own" business model.
The new menu includes a list of 12 sandwiches that customers can order as is, which is the norm in most restaurants but a big change for Subway. They come in four groups: Italianos, chicken, clubs, and cheesesteaks.
The sandwich chain grew popular for its customized sandwiches made by workers right in front of customers, who could point to exactly which ingredients they wanted. "Customers walk into a Subway with the expectation that they will customize their sandwich... It's the foundation that Subway was built on and the way it's been for 60 years," Subway said in a press release announcing the new menu.
Now, Subway is repositioning the menu to be more like other quick-service restaurants, asking customers to "trust their culinary expertise, and trust in the sandwich artists to create a sandwich Subway believes customers will enjoy," the chain said.
The new sandwiches became available Tuesday, though customers can still make substitutions or create their own sandwiches.
There are a few potential reasons for the new menu. A standardized menu with less focus on customization has the potential to make operations faster for workers by reducing complexity. Tests showed that the new menu "sped up operations" and led to fewer questions from customers, Subway North America president Trevor Haynes told Insider at a press event.
Faster service could lead to higher sales volumes and more profit, Kalinowski Equity Associates president Mark Kalinowski told Insider. Subway has relatively low unit sales compared with competitors like McDonald's and Wendy's, so the simplified menu could speed up lines and potentially lead to more sales. Subway's 2021 menu refresh bumped sales after a downward trend and showed some hope for the chain, so another more ambitious change could be promising.
Creating a menu with pre-selected options could also push customers who do want to customize orders towards digital orders. Digital orders continue to grow across the industry, and the format is "great for customization," Kalinowski noted. Digital sales are attractive to businesses thanks to better margins, speedier preparation, and lower costs in maintaining dining rooms, as customers typically take the food to go.
Subway's embrace of total customization kick-started a trend that took over fast food, becoming huge with the rise of Chipotle and showing up across the industry, from Sweetgreen to Cava. Chipotle in particular grew famous following a similar assembly-line model where customers could point to ingredients and watch them become part of a bowl or burrito. Now, it's embracing the opposing trend in the industry: simplification, Kalinowski said.
It's a "smart move" that could lead to better customer experiences and improved sales, Kalinowski told Insider. Results in the upcoming quarters will show if it's enough to reverse Subway's trend of closing stores and losing franchisees.
More: Retail Fast Food Subway Sandwich
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2022-07-05T19:25:58Z
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www.businessinsider.com
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Subway Is Abandoning Customized Sandwiches for Simpler Menus
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https://www.businessinsider.com/subway-is-abandoning-customized-sandwiches-for-simpler-menus-2022-7
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https://www.businessinsider.com/subway-is-abandoning-customized-sandwiches-for-simpler-menus-2022-7
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Costco has raised prices on two items in its beloved food court: the chicken bake and the 20-ounce soda.
The price hikes were verified by visiting a location in Rochester, New York and phone calls to food courts of other locations, where workers confirmed the changes and said it was a national update.
The chicken bake, a breaded dish filled with chicken, cheese, bacon, and a Caesar dressing, now sells for $3.99 — $1 more than in June. The soda price increased from $0.59 to $0.69, an increase of 10 cents or about 17%.
Fans of Costco's famous hot dog and soda combo can rest easy for now, though. In May, Costco Senior Vice President Robert Nelson told investors that there were no current plans to increase the $1.50 deal, despite "online rumors."
The company has been saying the same thing about consistent prices since the deal was set in 1985.
"We have no plans to take that hot dog above a buck fifty. End of story," CEO Craig Jelinek said in January 2020.
And Costco founder Jim Senegal once famously told CEO Craig Jelinek: "If you raise the [price of the] effing hot dog, I will kill you. Figure it out."
Protecting the deal has paid off. During its 2019 fiscal year, Costco sold 151 million hot-dog combos for a total of nearly $226.5 million. The famously inexpensive snacks are part of what draws people to Costco, Jelinek said in April 2021, when the big box chain reopened its food courts during the pandemic.
Despite Costco's vocal commitment to keeping certain items priced the same, the hikes aren't completely surprising. Grocery prices have skyrocketed, with inflation reaching 14.6% for the industry in May according to analytics firm Numerator, though membership stores like Costco were able to keep inflation around a relatively mild 7% over last year.
These growing prices directly impact the products that Costco just repriced. In May, chicken prices were up over 17% over the previous year, according to the Bureau of Labor Statistics. Wings and breasts are up the most, at 38% and 24% respectively, Wells Fargo found. Soda prices are also up 13% year-over-year, the bank's analysts wrote.
Costco did not immediately respond to a request for comment.
More: Retail Fast Food Costco Big Box
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2022-07-05T21:09:02Z
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www.businessinsider.com
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Costco Raises Prices of Soda and Chicken Bake at Food Court
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https://www.businessinsider.com/costco-raises-prices-soda-chicken-bake-food-court-favorites-2022-7
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https://www.businessinsider.com/costco-raises-prices-soda-chicken-bake-food-court-favorites-2022-7
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Snapchat Plus comes with a new icon.
Snapchat Plus is Snapchat's new subscription plan, available on iPhone and Android.
For $3.99 per month, Snapchat Plus lets you change the app icon and see who's rewatched your Stories, among other features.
Snapchat intends to add more Plus features over time, but some of those features might end up being available to all users.
Between Twitter Blue and Tumblr Blaze, it seems like every social media app has a paid version now. Snapchat is the latest app to join in on the fun, and now offers a premium version called Snapchat Plus.
Here's everything you need to know about Snapchat Plus, including its price, features, and how to sign up.
Snapchat Plus unlocks new and experimental features
Snapchat Plus is gradually rolling out to all iPhone and Android users in the United States. It costs $3.99 a month, $21.99 for six months, or $39.99 for a year — after a weeklong free trial.
Jacob Andreou, Snapchat's SVP of product, told The Verge that Plus is meant for users who "spend most of their time communicating with their closest friends on Snap." That's probably why Snapchat Plus' new features are pretty minor additions, made for Snapchat's true power users.
The three main features that Snapchat is advertising to attract Plus users are:
The ability to change Snapchat's app icon
A way to see who's rewatched your Stories
A special pin that lets you mark specific friends as BFFs
You'll also get a badge on your profile, and the ability to see your friends' "Ghost Trails" on the map — in other words, a history of where they've been recently.
The Snapchat Plus feature that lets you pin a friend as a "BFF."
Snapchat; William Antonelli/Insider
In the future, Snapchat plans to add more features, but not all of them will be exclusive to Snapchat Plus users. It seems like Plus will be more of a testing ground, where premium users can test out new features before they're released to everyone.
Andreou says that "single-playerish" features — in other words, features that only involve the user and don't affect anyone else — will probably stay exclusive to Plus members. But features that involve interacting with other users will eventually go public.
If you're interested, here's how to sign up.
How to get Snapchat Plus
First, make sure that Snapchat is updated. Check out our guides on how to update apps on an iPhone or Android if you're not sure how.
1. Open Snapchat and tap your profile icon in the top-left corner to open your profile page.
2. If Snapchat Plus is available to you, you'll see a gold-tinted banner advertising it below your name. Tap the banner.
If the banner doesn't show up, Snapchat Plus hasn't rolled out to your account yet.
3. Choose what kind of subscription you want — one month, six months, or a year — and then tap Start 7-Day Free Trial.
4. Depending on your device, sign up using your Apple ID account, Google account, or a linked debit or credit card.
Once the payment processes, a menu will appear explaining some of the features that Snapchat Plus gives you, and allowing you to turn each of them on or off.
You can enable and disable each Snapchat Plus feature.
Snapchat Plus is free for a week. Once that week is up, you'll be charged for whatever subscription you picked.
To end your Snapchat Plus subscription, open your profile and tap the gear icon in the top-right, and then Snapchat+. Tap Manage your Subscription to open the page that lets you cancel. You'll need to use the same device you used to sign up.
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More: Tech How To Snapchat Snapchat Plus Plus
App Icons
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2022-07-05T21:09:32Z
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How to Get Snapchat Plus and Unlock New Features
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https://www.businessinsider.com/snapchat-plus
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https://www.businessinsider.com/snapchat-plus
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Facetune maker Lightricks has laid off 12% of its staff as the downturn hits creator economy startups
TikTok star Charli D'Amelio and her family are strategic advisors for Lightricks.
Lightricks is the latest creator economy startup to be impacted by layoffs.
The startup owns several photo and video editing apps such as Facetune.
The company has raised $335 million and was valued at $1.8 billion.
Lightricks, the startup behind the popular photo editing app Facetune, laid off 80 staffers this month, the company confirmed to Insider.
The layoffs accounted for about 12% of the company and impacted employees across tech, product, and marketing teams, the company said.
The startup owns 11 photo and video editing apps including Facetune, TikTok editing app Videoleap, and a link-in-bio tool.
Lightricks has raised $335 million in total capital, and was valued at $1.8 billion in September when it raised $130 million in Series D funding, TechCrunch reported.
In March, the startup acquired Popular Pays, a Chicago-based software company that connects brands with creators. 30 Popular Pays' employees joined Lightricks, and its CEO Corbett Drummey became the vice president of brand collaboration at the company, Axios reported.
Lightricks is primarily based in Jerusalem, and Axios reported in March the company had over 550 employees across five offices.
In February, TikTok's second-most-followed creator Charli D'Amelio and her family announced an investment in the company, and that they would become strategic advisors for the startup. The family has promoted the app and its video editing tools across their social-media channels.
Lightricks is one of a few creator economy startups to have layoffs in recent months. In June, text message startup Community laid off about 40 staffers, and creator economy startup Jellysmack laid off 8% of its staff. Celebrity shout-out platform Cameo laid off 87 staffers in May.
More: Influencers TikTok Instagram Facetune
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2022-07-05T22:44:40Z
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Facetune Maker Lightricks Has Laid Off 80 Staffers: Company Statement
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https://www.businessinsider.com/facetune-maker-lightricks-has-laid-off-staffers-startups-struggle-2022-7
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https://www.businessinsider.com/facetune-maker-lightricks-has-laid-off-staffers-startups-struggle-2022-7
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A 99-page lawsuit describes a 'personality cult' around Bill Hwang. Here are the 7 juiciest bits from the suit's account of the collapse of Archegos
Bill Hwang, the founder of Archegos Capital Management.
A former employee of the collapsed firm Archegos is suing the firm and its founder, Bill Hwang.
Brendan Sullivan's suit says the firm was run like a cult and interviews revolved around religion.
Insider breaks down the allegations in the lawsuit.
A lawsuit filed Tuesday alleges Bill Hwang used his religion to create a "toxic culture" at the family office Archegos, misappropriated employees' deferred-compensation plan, and lied to his investing team about the firm's strategy.
Brendan Sullivan, a technology and media analyst who joined the firm in 2014 and left shortly after it crashed in 2021, is the plaintiff in the lawsuit. He says he lost $50 million from the firm's $500 million deferred-compensation plan, which evaporated when Archegos blew up.
Archegos imploded in March 2021 when Hwang was forced to unwind several highly leveraged bets.
In April this year, Hwang and Archegos' chief financial officer, Patrick Halligan, were arrested at their homes on fraud and racketeering charges brought by federal prosecutors. They have since pleaded not guilty. At the time, Hwang was also slapped with market-manipulation charges by the Securities and Exchange Commission.
"It is one thing to push a position with your own money past the point of no return, but a fiduciary managing others' money can't do that," Michael Bowe of Brown Rudnick, Sullivan's lawyer, told Insider. "Hwang used these employees' deferred compensation to fund his own scheme, and he and his executives lied and concealed the facts over and over to do so."
Hwang's lawyer Lawrence Lustberg did not respond to a request for comment.
Insider rounded up the seven most interesting claims about the previously under-the-radar firm made in the 99-page lawsuit filed Tuesday in a New York federal court.
1. How the suit says Hwang interviewed and monitored employees
During the interview process, Hwang rolled out an investigation into a candidate's religious upbringing, the lawsuit alleges. If this employee got hired, their religious views would be monitored throughout their career at Archegos, the suit claims.
During annual performance reviews, the suit says Hwang would request employees spend more time focusing on their faith and ask them and their families to join scripture readings hosted by his foundation, Grace and Mercy Foundation, which is a defendant in the lawsuit.
On off-site retreats, employees had to say what they were thankful for, the lawsuit says.
"Those who declared they were grateful for God, Hwang, and Archegos received high praise and manufactured applause," the complaint says. "Employees who outwardly displayed similar devotion in the office received praise and advancement."
The trustworthiness of employees who did not show the same level of devotion was scrutinized, Sullivan's suit claims.
2. Hwang often made promises to employees that he didn't keep, suit claims
Sullivan's suit says that during firmwide Zoom meetings in November 2020, Hwang repeatedly told employees that he was getting ready to take down positions through large block trades, which he actually kept from January to March 2021. In January 2021, Hwang told an analyst that he was done adding to positions but continued to purchase positions in stocks, the complaint alleges.
"Hwang continued to make these misrepresentations until the crash. For example, during a one-on-one conversation in early March 2021, Hwang told Sullivan that he was in the process of de-risking the portfolio," the lawsuit says. "All these representations were lies. Hwang never intended to engage in block sales and was merely seeking to deflect and stall employee concerns and departures and permit him to continue adding to these positions recklessly and inexplicably."
3. Hwang misled analysts about career prospects, suit alleges
The lawsuit says Hwang also led many new analysts to believe they would one day manage their own funds after joining the company. For example, a new analyst who was hired in 2018 said that a key career goal of his was to independently manage funds. When he was offered a job, Archegos' copresidents, Brian Jones and Diana Pae, said the analyst was going to help launch a fund of one with Jones, the lawsuit says. As time went on, employees started to express concerns about the fund-of-one opportunity, it adds.
In September 2020, Jones told the analyst that they would be given $25 million to begin managing the fund, with the hopes that the fund would begin on October 1, 2020, the lawsuit claims.
"October 1 came and went and no fund was created," the suit says.
4. Suit says Hwang used his foundation as a 'safe haven'
The suit alleges Hwang often moved money from Archegos accounts into his foundation, which distributes grants to other Christian nonprofits, and his family's own private accounts. It claims Hwang, along with co-CEO Andy Mills and Pae and Jones, considered the foundation a safe haven for themselves in case Archegos was ever hit.
"These descriptions became more frequent and explicit in 2020-2021 as Hwang and the executive defendants dangled potential positions at the foundation before employees as one of the several means of deflecting employee concerns, pressuring them to remain, and, for some, inducing them to lie or remain silent about the fraudulent scheme that eventually imploded Archegos," the lawsuit says.
Hwang is accused of stalling employee departures to prevent employees from pursuing civil claims and criminal complaints. The lawsuit claims that as the firm was in its meltdown, Hwang told Sullivan and other employees on March 26, 2021, that he was either going to move employees over to the foundation to run their asset-management division, help seed spin-off firms, or form "Archegos 2.0" and a "smaller family office using the foundation's capital."
"Each of these plans had one consistent thread — misappropriation of Foundation capital," the lawsuit says.
As Archegos fell apart, 15 to 30 employees were offered positions at the foundation.
5. Hwang drastically changed Archegos' trading strategy
The lawsuit says many of Hwang's employees had questioned the direction of the firm's trading and investment strategies after the fallout from a market frenzy of March 2020.
"Hwang was emotionally incapable of accepting that his fantastic run of oversized returns might need to pause," it says. "Instead, Hwang adopted a far riskier strategy of buying huge, leverage fueled, positions in much smaller market cap stocks with limited trading liquidity ."
Some of these stocks were ViacomCBS, Discovery Communications, and a variety of Chinese internet stocks, including Baidu, iQIYI, Vipshop Holdings, Tencent Music, and GSX.
The suit says Sullivan kept asking Hwang and other Archegos executives why they were increasing positions in illiquid stocks.
Hwang, Mills, Jones, and Pae told employees that the firm hadn't fundamentally changed its trading strategies "but was instead simply focusing on different investments with greater potential upside," the lawsuit says.
6. The 'cult' of Hwang
The complaint claims that if an employee raised questions about Hwang's investment strategy or suggested an alternative, "Hwang would often copy the firm in a reply that disparaged and demeaned the employee and the employee's thoughts."
The suit says the firm valued employees who were "good followers" and that Hwang took singular credit for all of the firm's successes.
"During the years Archegos performed well, Hwang regularly asked employees why he was paying them, and would state 'you should be paying me' and 'I'm the reason for this result, you are lucky to work for me,'" the lawsuit says.
Employees who did not fall in line, especially with religious beliefs, were also targeted, the lawsuit adds.
"For example, Mills once told an employee they could stand to 'skip a few meals,'" the suit says. "During another dinner meeting, Hwang told an employee that they needed to lose weight ."
7. Employee compensation-plan switch
In December 2020, employees asked Pae about the positions Archegos was making in the employee deferred-compensation plan, the suit says. She said that the plan had "lots of unrealized gains," it adds.
"That same month on an investment team Zoom meeting, Hwang, Mills, Pae, Halligan, and Jones made clear to Sullivan and the other employees that Archegos had plenty of cash on hand and hedges to protect their positions, avoid catastrophic margin calls, and preserve employee plan contributions and returns," the lawsuit says.
Instead, the deferred-compensation plan, which was invested in Archegos' fund, lost $500 million, Sullivan alleges.
More: Hedge Funds Archegos Capital Bill Hwang
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2022-07-06T01:55:45Z
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www.businessinsider.com
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Lawsuit Describes Toxic Culture at Archegos and Its Collapse
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https://www.businessinsider.com/archegos-bill-hwang-toxic-culture-collapse-employee-compensation-lawsuit-2022-7
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https://www.businessinsider.com/archegos-bill-hwang-toxic-culture-collapse-employee-compensation-lawsuit-2022-7
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BA.5 is now the dominant Omicron variant in the US, driving cases and hospitalizations.
The Omicron BA.5 subvariant is now the dominant COVID-19 variant in the US.
New CDC estimates indicate that BA.5 accounted for around 54% of the infections recorded last week.
This comes amid a surge in case numbers and hospitalizations across the country this summer.
The Omicron BA.5 subvariant is now the dominant strain of COVID-19 plaguing the US, per new estimates from the Centers for Disease Control and Prevention.
The CDC released new estimates on Tuesday, which indicated that BA.5 made up 53.6% of the COVID-19 infections recorded last week. Meanwhile, BA.4, another contagious Omicron subvariant, accounted for 16.5% of the COVID-19 cases, meaning that these subvariants were recorded in just over 70% of the US's COVID-19 cases over the week ending July 2.
These numbers make BA.5 one of the primary drivers behind a recent summer spike in COVID-19 cases and hospitalizations.
According to The New York Times COVID-19 case tracker, new cases have hit a daily average of 105,754 as of July 4, an increase of 10% over the last 14 days. The Times' COVID-19 tracker also reported that hospitalizations have surged 12% to a daily average of 33,953 people, while intensive care admissions have risen 11% to a daily average of 3,793 cases over the last two weeks.
The Omicron subvariants BA. 4 and 5 are known to have mutations that allow them to evade the protection against the virus provided by taking a COVID-19 vaccine, or a prior infection.
The Food and Drug Administration, or FDA, announced on June 30 that it is looking to approve vaccine booster jabs specifically meant to shield recipients against the Omicron BA.4 and 5 subvariants and to get these jabs rolled out for the fall and winter seasons.
Peter Marks, the director of the FDA's Center for Biologics Evaluation and Research, said in a statement released on June 30 that the FDA was advising vaccine manufacturers to update their COVID-19 jabs and "add an Omicron BA.4/5 spike protein component to the current vaccine composition."
"As we move into the fall and winter, it is critical that we have safe and effective vaccine boosters that can provide protection against circulating and emerging variants to prevent the most severe consequences of COVID-19," Marks said.
More: Omicron COVID-19 Virus variants
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2022-07-06T06:29:16Z
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www.businessinsider.com
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Omicron BA.5 Subvariant Becomes Dominant Strain in the US
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https://www.businessinsider.com/omicron-ba5-subvariant-becomes-dominant-strain-in-the-us-2022-7
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https://www.businessinsider.com/omicron-ba5-subvariant-becomes-dominant-strain-in-the-us-2022-7
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Check out Norrsken VC's 23-page impact report that reveals how the investor evaluates its portfolio companies like Northvolt and Olio
Tove Larsson, general partner at Norrsken VC.
Norrsken VC
Norrsken VC is calling for radical transparency within impact investing.
New sustainability regulation is making it harder for the sector to greenwash, the firm said.
Check out the 23-slide impact report that reveals how Norrsken evaluates its portfolio.
Norrsken VC has always pushed radical transparency in impact investing since raising a fund in 2019.
The Stockholm-based investor, set up by Klarna cofounder Niklas Adalberth, publishes a report on its own portfolio that evaluates everything from how it is adjusting to new sustainability regulations to the overall impact its startups have on the world.
Norrsken writes checks of 1 to 5 million Euros to early-stage impact startups tackling at least one of 17 UN Sustainable Development Goals (SDGs).
It has backed 37 companies, including eight new investments and 11 follow-on investments made in 2021, across 11 SDGs. Its portfolio includes electric car company Northvolt, food sharing app Olio, and carbon credit rating startup BeZero Carbon.
Some 72% of the firm's portfolio companies reached their annual impact targets in 2021. "We've gotten some questions around this, like 'are you comfortable actually showing this number?'" Tove Larsson, general partner at Norrsken, which invests out of a 125 million Euros fund, told Insider.
"That's what we're all about – being totally transparent. We would of course have loved to say 100% or above, but this really reflects our ambitious targets for the portfolio as a whole. It's also quite hard to predict the journeys of very early companies and where they will come out."
Larsson said the investor didn't "pick and choose" what it disclosed in the impact reports but added that she was "very confident" of reaching its long-term targets.
When a portfolio company fails to reach its yearly targets, Norrsken works to keep them on track for other long-term goals. Such goals are set before Norrsken has invested in a company and are approved by its advisory committee, which consists of key LPs, and are not adjusted later.
'Impact' doesn't have a common definition within the VC and startups ecosystem, which can lead to confusion and a lack of alignment. Larsson said there were probably as many definitions of impact as there were impact investors. Norrsken shares its definition publicly on its website.
"We've seen so many more impact funds popping up and it's great to see more capital come to impact, but I think it's also very important to really be transparent about how you as an investor think about impact," she added. "We've seen both great and less great examples of that in the market."
New sustainability regulation in Europe and the US is also helping establish standards. Funds in Europe are categorised based on their impact and business model, and have different reporting requirements.
"I think it's definitely a step in the right direction," Larsson said. Her firm has allowed new regulation to guide its own impact framework and hopes others will follow suit, fill in any gaps in, and help to "co-create" frameworks instead of pointing out its challenges, she added.
Norrsken is aligning its operations with Article 9 criteria, which is the most impact-driven type of fund.
Check out the 23-slide impact report below, which shows how and when Norrsken evaluates impact.
More: Features Venutre Capital Startups
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2022-07-06T08:00:34Z
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www.businessinsider.com
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See Norrsken VC's Impact Report That Reveals How It Evaluates Startups
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https://www.businessinsider.com/norrsken-vc-iclimate-tech-impact-report-portfolio-and-structures-carry-2022-7
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https://www.businessinsider.com/norrsken-vc-iclimate-tech-impact-report-portfolio-and-structures-carry-2022-7
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Nearly half of new businesses fail within the first five years of operation, and financial struggles are among the top reasons for closures.
Despite the uncertainty of launching a new venture, entrepreneurship remains on the rise: According to data from the US Census Bureau, more than 5 million new businesses registered last year.
Insider spoke with entrepreneurs in a variety of fields about the monthly budgets that have led to success, with the goal of sharing insights on business finances. This series, "Founder Finances," shares tips on how to allocate money, stabilize your team, and prepare for growth, according to founders who've done it.
Financing for business launch
Shawn Brown, the founder and CEO of CheeseCaked.
courtesy of Brown
Shawn Brown operated CheeseCaked, a Georgia-based bakery, between 2011 and 2019. But, after taking two years off to recover from breast cancer, Brown needed a comeback strategy: Visibility, which included investing in social-media marketing and storefront locations, was her go-to tactic, she said.
"It really helps with brand recognition," she said. "We've become a celebratory space, it's an experience."
Read more: Founder Finances: A baker shares the $15K budget she's using to relaunch her business after stepping away to fight cancer.
Determining your needs as a new company
Noite Rose garments come in multiple colorways
Noite Rose
Diandra Harvin, the founder of the luxury-loungewear company Noite Rose, said she primarily focuses her monthly budget on marketing.
She said she spends nearly half of her monthly budget on public-relations services, which help increase brand awareness. She prioritizes this expense because she didn't have the necessary PR connections that would provide meaningful exposure for her brand.
"You can receive so many benefits from being with a PR firm, which is so different from marketing," she said, adding that having her products featured by celebrities and in publications has helped her get social recognition.
Read more: Founder Finances: How a 30-year-old entrepreneur uses a $2,000 monthly social-media marketing budget to build a thriving side hustle selling loungewear.
Building company culture in the office
Branden Sewell, the founder of Seal Pro Painting.
After companies and storefronts closed doors during the pandemic, many workers saw in-office communities almost instantly stripped away. Though 59% of employees continue working from home all or most of the time, the potential for run-ins with coworkers or in-person meetings brings some allure to office life.
Branden Sewell, the founder of a painting company that booked nearly $500,000 in sales last year, said leasing office space has been worth the cost because it builds team comradery.
"It's really hard to build a thriving, healthy culture from Zoom or conference calls," he said. "I'm able to build culture and really have influence on my team, sit in front of them, connect with them."
Read more: Founder Finances: An entrepreneur booking over $500,000 in annual sales explains why he budgets for office space. 'I can sit in front of my team and connect with them.'
Investing in employees to retain talent
Peter Dufall (right), the owner of Dogtopia San Jose.
courtesy of Dufall
A record number of employees quit their jobs last year, making the Great Resignation a serious concern for businesses trying to retain talent. As employees search for companies offering incentives like equitable pay, flexible schedules, and benefits, entrepreneurs are finding that investing money toward community building is necessary.
Supporting team members' interests and goals outside of work is one way to retain staff. That's how Peter Dufall, the owner of a dog-care franchise called Dogtopia, invests in his workers — he encourages his employees to take continuing education courses on grooming, veterinary tech, and CPR skills, which he budgets for in his monthly expenses.
Read more: Founder Finances: A dog daycare owner shares his exact $58k monthly budget and explains why paying 9% of earnings to the franchisor is worth it.
Planning for business expansion
Jesse Zook shooting MaidPro content.
Jesse Zook
Like many small business owners, it was Madeleine Park and Jesse Zook's goal to grow. The duo own seven franchise businesses in the home-service industry together and generated more than $2 million in sales last year. With an expansion in mind, they allocate significant portions of their annual budget to the mission.
"Buying more territory is always going to cost you," Park, who added that the pair is planning to spend around $30,000 on their next franchise expansion, said. "That tends to be more of a mandatory spend that comes along with growth."
Read more: Founder Finances: The married co-owners of 7 franchises who booked $2 million in sales share what they spent to grow their businesses.
If you're interested in contributing to Insider's Founder Finances series, please contact Alex York at ayork@insider.com.
More: Small Business Finances Budget Entrepreneur
Budgeting tools
Spending Budget
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2022-07-06T10:59:32Z
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www.businessinsider.com
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How to Create a Business Budget to Grow Your Company
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https://www.businessinsider.com/how-to-create-a-business-budget-to-grow-your-company
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https://www.businessinsider.com/how-to-create-a-business-budget-to-grow-your-company
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Cesar pet food which Tesco normally stocks.
Roberto Machado Noa/LightRocket via Getty Images.
The UK's biggest supermarket chain is seeing shortages of some pet food brands after a major US supplier halted deliveries in a spat over rising food prices.
Mars — which produces pet food brands like Cesar, Pedigree, and Whiskas — stopped deliveries to Tesco after the supermarket chain said it did not want to hike the price of the items.
Shortages of the items were noticeable both in store and online. The CEO of Grocery Insight, Steve Dresser, posted an image on Twitter of the pet food shelves in his local store, showing a number of products as out of stock.
Most products were still available when Insider visited Tesco's online store Wednesday, though a handful were out of stock.
Gaps on pet food shelves were noticeable at a local Tesco store Insider visited, as the image below shows:
A local Tesco store showed some shortages of Mars pet food brands.
Grace Dean/Insider.
Retailers and restaurants are having to increase the price of their items as a result of surging food inflation, and the rising cost of energy and labor.
Grocery prices have soared since Russia's invasion of Ukraine, which has caused fertilizer shortages. Unpredictable weather in 2022 has also caused issues with global food supplies.
Tesco's dispute with Mars comes after the supermarket giant also clashed with another US supplier, Heinz, over the rising cost of items. Last week, numerous Heinz products, including baked beans and tomato ketchup were missing from shelves in many Tesco stores, The Grocer first reported.
The price of a four pack of Heinz tomato soup has grown by 40% from £2.50 ($2.99) to £3.50 ($4.18), meanwhile a four pack of baked beans has grown 20% from £2.50 ($2.99) to £2.99 ($3.57) in other UK supermarkets, according to the retail research company, Assosia.
A number of Heinz items were still out of stock online when Insider checked on Wednesday.
In a statement sent to Insider, Tesco said it is "laser-focused on keeping the cost of the weekly shop in check."
"With household budgets under increasing pressure, now more than ever we have a responsibility to ensure customers get the best possible value, and we will not pass on unjustifiable price increases to our customers," the statement added.
"We're sorry that this means some products aren't available right now, but we have plenty of alternatives to choose from and we hope to have this issue resolved soon," Tesco said.
In a statement sent to Insider, Mars said it would not comment on "individual commercial relationships."
"We are aware that some of our Petcare products are currently out of stock at Tesco stores. We want to reassure pet owners that their favorite products are in supply and remain widely available in the UK marketplace," a spokesperson said.
More: Retail News Pet food Mars
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2022-07-06T11:00:02Z
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www.businessinsider.com
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Pet Food Brands Missing From Tesco Shelves in Spat Over Rising Prices
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https://www.businessinsider.com/pet-food-tesco-supermarket-food-inflation-mars-rising-food-prices-2022-7
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https://www.businessinsider.com/pet-food-tesco-supermarket-food-inflation-mars-rising-food-prices-2022-7
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Many Americans prefer to avoid sharing how much they make.
The experts are clear when it comes to whether you should disclose your salary: Information is power. But according to new data from LinkedIn, many American workers are still reluctant to talk about how much money they earn.
Millennials in the workplace have long been viewed as a cohort that is more open about salary information than their predecessors. Over the years, a number of companies, like Whole Foods Market, even followed the trend around transparent pay, encouraging internal conversations about salaries among workers.
Some TikTok creators, like Hannah Williams, have encouraged followers to share their salary information, as a means of empowerment. The idea is that salary transparency aids individuals who are being underpaid and encourages workers to know the worth of their labor.
However, a new report from LinkedIn's Workforce Confidence Index indicates that this approach may not yet be mainstream. LinkedIn senior editor at large George Anders writes that, based on a 2022 survey of 4,778 US professionals, LinkedIn found only 16% share their salaries with trusted coworkers. That number ticked slightly higher, to 18%, when it came to mentors and trusted peers at other companies.
These workers tended to be more open with personal connections than colleagues. Over half of respondents, 56%, said they shared their salary with family members. And 32% said they'd share their pay details with close friends.
Outlier groups in the survey included those who'd tell anyone their salary, or 11% of participants, and the 17% of respondents who keep mum about their pay to everyone.
The data flies in the face of other findings, which have indicated that salary transparency is viewed in an increasingly positive light in the workplace. Experts have long touted the advantages of salary sharing. Namely, knowing how much your coworkers earn could prevent you from being underpaid. In 2015, a Glassdoor study found that 70% of respondents in seven countries believed that pay transparency boosted employee satisfaction.
But as with any piece of career advice, acknowledging the benefits of a notion is one thing, and being willing to take the plunge and put that idea into practice is another thing entirely.
NOW WATCH: How Lyft's president went from taking no salary for 3 years to running a giant startup worth $11 billion
More: BI Select Careers Salary
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2022-07-06T11:00:14Z
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www.businessinsider.com
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People Don't Want Coworkers to Know How Much They Earn
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https://www.businessinsider.com/salary-pay-coworkers-know-open-2022-7
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https://www.businessinsider.com/salary-pay-coworkers-know-open-2022-7
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A strategist in JPMorgan's $759 billion fixed income division is waiting out the bear market in cash and highly liquid assets. Here's what it would take for her to turn aggressive — and the 2 opportunities she would snap up first.
Traders work the floor of the New York Stock Exchange
A strategist in JPMorgan AM's $759 billion fixed income division is treading carefully.
On a podcast, she laid out what needs to happen before she starts getting aggressive on buying.
And the strategist explains where the best opportunities are appearing in the market.
A common misconception about fixed income portfolio managers is that they simply just chase yield.
But for strategists like Oksana Aronov, who heads up market strategy for alternative fixed income within JPMorgan Asset Management's $759 billion fixed income division, it involves much more than that.
Speaking on Bloomberg's What Goes Up podcast on June 30, Aronov broke down how she is able to use a variety of different strategies to leverage bonds that deliver returns on an absolute basis and why it's vital in the current bear market environment.
"Over the last 10 years fixed income has become a get rich asset class," said Aronov on the podcast. "We have really tried to preserve this focus on capital preservation first and then with that, 'What's the best return I can deliver?'"
Fixed income is a class of assets that make fixed payments on a fixed schedule, such as government treasuries and corporate bonds.
Taking an alternative approach to fixed income means that Aronov can go either long or short on the bonds. Having this flexibility has been extremely important in recent years as bond prices hit record highs while interest rates sat near zero.
Bond prices move inverse to interest rates.
Over this time many fixed income investors moved further down the risk curve to find more rewarding yields pushing up the price of junk bonds, which is one of the riskiest areas of the market.
A new regime
This is a move that may come to bite some investors as the economy enters a new regime of rising interest rates, surging inflation and slowing growth.
"I think in fixed income, it also has to be about the price," Aronov said. "I think it is because we've forgotten that price matters that investors were buying high yield bonds at $107 or even higher, or many dollars above par, that they're sitting on the losses that they're sitting on right now."
As interest rates rise, the era of loose monetary policy and ultra-low default rates is coming to an end. Suddenly it's a question of the cost of capital and its impact on earnings even for the most well capitalized companies.
"In an environment where we are at such tiny default levels that they almost have nowhere to go but up, which means that again paper losses have the ability to become realized real actual losses," Aronov said.
Driving this shift is the Federal Reserve , which has been raising interest rates to curb sky-high inflation.
"I think (Jerome) Powell has made it very clear that it is important to him to go down in history as the person who contained inflation," said Aronov on the podcast. "So they will continue to choose inflation over growth as long as inflation remains an elevated problem."
Raising interest rates means tighter financial conditions and less capital, which will accelerate the default rate, Aronov said. It's unlikely the Fed will pivot because it's only desire is to curb inflation, not prop up zombie companies and the junk bond universe, she added.
Only if investment grade spreads start to push 300 basis points could investors start to see support from the Federal Reserve, she said.
Right now spreads are around 150 basis points. They are only crossing the threshold of the "benign" hiking cycle of 2018, Aronov said. This suggests there's still more room to go considering inflation is now at a four decade high relative to the above 2% inflation in 2018.
"To call this a bargain from a spread standpoint, I think we're far from that," Aronov said.
"All the carnage we've seen in the bond markets … it's all been interest rate driven," Aronov said. "Very, very little of it has actually been spread or credit risk driven and we need to see that punch in order to start to talk about opportunities."
The current playbook
With this pessimism, Aronov is treading carefully as she believes that if expectations around a recession and a slowdown build then spreads will continue to widen.
"Remember, you don't have the same liquidity underpinnings in this market that you used to," Aronov said. "The sell side is not there to take these bonds off your hands. So price discovery becomes very, very violent. We've seen it all before and it's going to happen again."
To maintain capital preservation for now Aronov is staying in cash and highly liquid assets, such as high quality floating rates notes.
"The reality is that if you have been in cash, for the last five years, you've essentially outperformed the Barclays aggregate index, over the year-to-date, one year, three year and depending on the day, yes, even five years."
However Aronov could soon be using that liquidity to scoop opportunities.
"Probably in the next month or two, we're going to start to transition, start to get aggressive, start to go after those returns part of the cycle, as we see spreads widen and some of these more bearish expectations get reflected in the price," Aronov said.
Time to get aggressive
A sign of when to get aggressive is finding a capitulation tipping point, Aronov said. Right now there are the makings of capitulation but it's just not being reflected in the price yet, she added.
This is important because she notes that the only historical parallel to this current environment is the late 1970s to early 1980s where inflation was surging and most assets struggled on a real return basis.
Areas of the market that are starting to look "ripe" for investment, according to Aronov, are fixed income assets with a correlation to equities such as convertibles and closed-end funds, which already have a significant discount.
"I think that that is maybe at the top of our shopping list in the foreseeable future," Aronov said. "But we'll see how the rest of this market plays out."
More: Investing Investing Strategy Fixed Income
fixed income investing
bear market rallies
Oksana Aronov
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2022-07-06T11:00:38Z
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www.businessinsider.com
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When to Get Aggressive: Bear Market Buying Opportunities: JPMorgan
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https://www.businessinsider.com/when-to-buy-bear-market-investing-strategy-jpmorgan-strategist-outlook-2022-7
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https://www.businessinsider.com/when-to-buy-bear-market-investing-strategy-jpmorgan-strategist-outlook-2022-7
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Dan DeFrancesco
Happy hump day! I'm Dan DeFrancesco, filling in for Aaron Weinman. And while I might not have hair as nice as Aaron's, I promise that you are in good hands.
Wall Street is in a bit of a limbo period as those returning from an extended holiday have found their colleagues who worked last week are now on vacation.
Still, we've got plenty of interesting stories to catch you up on, including the blowup of a once-hot sector of fintech, more fallout from the Archegos implosion, and one group's return-to-office that no New Yorker could have predicted.
Alright, let's get tucked in.
1. Buy now, pay later: On the surface it may not seem like the most novel of ideas. Paying for something by way of installments dates all the way back to the 19th century.
Just like fashion, fintech has a habit of turning old trends into new ones via smart marketing and a flashy user experience. In 2021, there was arguably no greater example of this than buy now, pay later, or BNPL for short.
But the highs of last year — Super Bowl ads, IPOs, and eye-popping valuations — have been followed by extreme lows. Klarna has reportedly seen its private-market valuation plummet as it looks to raise additional funding while Affirm's share price has faced a similar drop in the public markets this year.
Ann Gehan broke down the four biggest trends that have upended the BNPL market over the past 18 months, turning it from fintech darling to a sector in crisis.
Check out our inside look at what's fueling the massive disruptions in the once-hot BNPL space.
2. A former employee of Archegos Capital Management is suing the shuttered family office for $50 million in lost bonuses. The 99-page lawsuit alleges Bill Hwang monitored some employees' religious views and misled analysts about career prospects. Here are the seven juciest bits from the lawsuit.
3. Crypto broker Voyager Digital has filed for Chapter 11 bankruptcy. Per CNBC, Voyager — which counts Sam Bankman-Fried's firm as its largest creditor — faced losses from exposure to Three Arrows Capital.
4. The Commonwealth Bank of Australia could take a hit on its investment in Klarna to the tune of roughly $2 billion. The Swedish buy now, pay later provider is reportedly raising new funding at a significantly lower valuation that would see CBA's stake in the startup drop from just under $2.5 billion in value to around $400 million, according to a Morgan Stanley research note, The Sydney Morning Herald reports.
5. Wall Street banks have largely emerged unscathed from the crypto crash. Banks' ability to stay mostly above the fray has come as plenty of small investors have taken a bath amid the recent market downturn, the New York Times reports.
6. Add this to the list of things that's becoming more expensive. The average monthly car payment for Americans in June hit a record-high $712.
7. The latest segment of startups to take a nosedive could be space and aviation startups. Here's how VCs are thinking about the market.
8. When will the red-hot housing market cool down? Summer 2023, according to a real-estate appraisal consultant. Here's why he says that could be the time to buy.
9. New York City isn't cheap. You need a net worth of at least $1.4 million to live in the financial hub, according to a Charles Schwab survey. And check out how much people say you need to be considered "wealthy" in NYC.
10. An unlikely new tenant is taking up residence in the East River. Dolphins have been seen swimming in the lower Manhattan waterfront that's not historically known for its cleanliness, the Wall Street Journal reports.
Correction: Friday's edition of the newsletter misstated the amount that UBS agreed to pay to settle SEC allegations. The figure was $25 million, not $250 million.
Curated by Dan DeFrancesco in New York. Tips? Email ddefrancesco@insider.com or tweet @dandefrancesco.
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2022-07-06T12:34:26Z
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www.businessinsider.com
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Inside the Massive Disruptions in Buy Now, Pay Later
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https://www.businessinsider.com/buy-now-pay-later-bnpl-fintech-trends-2022-7
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https://www.businessinsider.com/buy-now-pay-later-bnpl-fintech-trends-2022-7
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Bolt reaches settlement with Authentic Brands after claims it 'utterly failed' to deliver on its payment checkout technology
Sindhu Sundar and Melia Russell
Maju Kuruvilla is the CEO of fintech firm Bolt.
Bolt settled ABG's claims about implementing its checkout technology and a dispute over shares.
ABG is now a shareholder in Bolt, but other terms of the settlement are confidential.
Bolt said the resolution marks a new direction by CEO Maju Kuruvilla, who took the helm this year.
Authentic Brands Group has decided to drop its lawsuit against beleaguered fintech startup Bolt following disputes stemming from their partnership.
ABG, which owns retail brands like Brooks Brothers, Forever 21, and Barneys New York, had complained about issues using Bolt's checkout software with its brand sites, and also argued that it was entitled to seek shares in the $11 billion startup.
In announcing the settlement, Bolt said ABG is now a shareholder in the startup.
ABG brands Forever 21 and Lucky Brand will also keep using Bolt's checkout software while "evaluating the possibility of expanding Bolt's technology to more portfolio brands in the coming months," the companies said.
"ABG's commitment to continuing its partnership with Bolt is a testament to their long-term vision of digital innovation and their ethos of identifying best-in-class partners," said Bolt CEO Maju Kuruvilla, who took over as CEO in January. "Today marks a new chapter in our partnership with ABG and I've never felt more confident — together the future is ours to win."
In the suit, which was playing out in New York federal court, ABG had alleged that the implementation of the checkout product on brand sites was "plagued by Bolt's repeated failures to deliver on the technological expertise and ability that it had held itself out as possessing."
But at the same time, ABG also argued in court filings that it was entitled to buy up to 5% of Bolt's equity, which it estimated at the time was worth roughly $500 million.
The warrant to buy shares was an incentive built into what the companies saw as a mutually beneficial arrangement — Bolt would gain access to a potential customer base of dozens of ABG retail brands, while ABG, in exchange for making those connections, could pursue potentially lucrative startup shares, according to court filings.
In its motion to dismiss the suit, Bolt argued that any integration issues were mere "typical technical issues that arise while implementing a product like this," and that ABG hadn't held up its end of the deal in order to pursue its warrant to buy Bolt shares.
Despite previous grievances, ABG's leaders are now signaling confidence in Bolt's "new chapter" under Kuruvilla.
"ABG looks forward to deepening its ties with Bolt by becoming shareholders under the new leadership of Chief Executive Maju Kuruvilla and we are excited to continue exploring broader opportunities with our businesses," ABG CEO Jamie Salter said in his statement.
The settlement closes a difficult chapter for Bolt. The software firm started the year in conflict when its founder and former CEO, Ryan Breslow, wrote on Twitter that Bolt's much larger rival Stripe and investors conspired to shut Bolt out of business opportunities. The tweets went viral and sparked a fiery debate, stirring rumors that the board could move to remove its outspoken founder. Within a week, Breslow stepped down, and Kuruvilla took over.
The startup looked to put the drama behind it. It raised several rounds of funding just months apart and basked in the demise of its closest competitor, Fast, which shut down in April. Bolt also agreed to buy a crypto startup for $1.5 billion in one of the crypto sector's largest mergers.
But behind the scenes, Bolt's issues festered. The number of merchants using its one-click checkout technology declined in the beginning of this year, as some customers defected to providers like PayPal and Shopify, The Information first reported. The startup had lowered fees for merchants in an effort to attract new customers, but revenue fell in the short term. Then, in April, one of its most high-profile customers sued Bolt, creating new uncertainty for the firm.
Since then, the threat of another recession has roiled the tech industry, with many startups forced to make drastic cuts. In May, Bolt laid off about 240 people — roughly a quarter of its staff — and told employees in a message that the cuts resulted from sour market conditions.
"The leadership team and I have made the decision to secure our financial position, extend our runway, and reach profitability with the money we have already raised," Kuruvilla wrote at the time in a blog post.
Bolt has raised around $1 billion in funding from marquee investors such as Founders Fund, General Atlantic, Tribe Capital, Activant Capital, and funds managed by BlackRock.
More: one-click Checkout FAST
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2022-07-06T12:34:32Z
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www.businessinsider.com
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Bolt and Authentic Brands Reach Lawsuit Settlement After Dispute
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https://www.businessinsider.com/checkout-startup-bolt-reach-settlement-lawsuit-authentic-brands-group-abg-2022-7
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https://www.businessinsider.com/checkout-startup-bolt-reach-settlement-lawsuit-authentic-brands-group-abg-2022-7
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